Korea's ruling Saenuri Party called on the government Friday to put priority on generating more jobs in the second half of 2016, amid rising concerns that ongoing corporate restructuring will lead to serious unemployment issues.

"South Korea lacks jobs for the youth while the job market is facing challenges," said Chung Jin-suk, the party's floor leader during the meeting with the finance ministry. "There also needs to be special policies centered on workers who may lose their jobs following the restructuring process." "Politicians and the government must make joint efforts to cope with the economic challenges," Chung added.

Nationwide corporate restructuring is underway in the troubled shipbuilding and shipping sectors, with industry watchers predicting shipyards will lay off thousands of workers and the closure of struggling subcontractors.

 The country's top three shipyards suffered a combined operating loss of 8.5 trillion won ($7.4 billion) last year, due largely to a worldwide dearth in demand.

Finance Minister Yoo Il-ho echoed the view, adding the government will continue efforts to create more jobs, while speeding up restructuring to bolster the competitiveness of industries and better cope with risks. (Yonhap)