Korea's K-New Deal Academy to Expand Participation to 8,200 Next Year

Kim Yong-beom, head of the Presidential Policy Office, announced plans on June 25 to significantly expand participation in the government’s youth job training initiative, the K-New Deal Academy, next year.

In a Facebook post, Kim expressed regret that this year's program, launched under a supplementary budget, did not allow for sufficient scaling due to its short design and implementation period. He stated, "We will provide more opportunities for young people in the future."

The K-New Deal Academy allows companies to operate training programs tailored to their specific fields while receiving government support for costs. This initiative, aimed at unemployed youth, was first implemented this year through a supplementary budget.

A total of 107 companies applied to participate, and after a review process, 72 academy programs from 53 companies, including SK Hynix, KT, LG, and Lotte, were selected. Approximately 8,200 young people are expected to participate in this initiative.

Kim noted, "The participation of more companies than expected in a program initiated to address the 'resting' youth issue has revealed new possibilities for solving youth employment challenges." He added that next year, the program will broaden its scope to include not only large corporations but also public institutions and foreign companies, aiming to create a more extensive ecosystem involving many businesses and young people.

He also diagnosed that the rise of artificial intelligence (AI) is raising the barriers to employment for young people. "While AI creates new opportunities, it also raises the entry barriers for youth," Kim said, explaining that companies seek talent ready for immediate deployment, while young people struggle to gain experience.

Kim emphasized that the K-New Deal Academy serves as a starting point for young people to gain their first experiences and as a platform for companies to discover and nurture future talent. He described it as an experiment to create a new employment ecosystem where both youth and companies can grow together.

He remarked that many of the selected academies will operate outside the capital region, calling it a valuable seed for balanced national development.

Kim concluded, "Experience is the greatest competitive advantage for youth, and people are the most important investment for companies. I hope the potential of youth translates into corporate growth, and that corporate investment leads to new opportunities for youth, creating a virtuous cycle that becomes South Korea's new competitive edge."