The annual amount of unemployment benefits is projected to reach 9.55 trillion won next year, with the number of beneficiaries totaling 1.37 million people. This year, about 1.21 million people are expected to receive 7.18 trillion won in unemployment benefits.

Beginning next year, the amount of unemployment benefit payouts will rise from the current 50 percent of the average income to 60 percent, while the payment period will be lengthened from 90 to 240 days to 120 to 270 days.

The government will also set aside 6.62 trillion won for various employment promotion subsidies, while increasing spending on direct job creation by 40.7 percent to 2.92 trillion won. Of the direct job creation programs, job projects for the elderly will increase 47 percent to 1.19 trillion won, with the number of elderly beneficiaries swelling from 610,000 to 740,000.

Budgets for business creation and vocational training will increase to 2.36 trillion won and 2.29 trillion won, respectively.

The government will earmark 164.2 billion won to pay a monthly job search allowance of 500,000 won to about 50,000 youths for up to six months. (Yonhap)