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Labour market reform to improve growth prospects and reduce inequality is a top priority in the face of rapid population ageing and a dualistic labour market. Sustaining output growth requires policies to mitigate the impact of rapid population ageing by increasing labour inputs from under-employed segments of the population.
Korea should strengthen its social safety net and improve support for laid-off workers to help them find a new job more quickly, according to a new OECD report.
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The Korean labour market continues to perform well after a quick recovery from the global economic crisis.
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This report was prepared to help Korea identify and address main social policy challenges. It suggests specific policy options and a strategy to “go social”, based on the practices and reforms that have worked well in other countries.
Sustaining economic growth is certainly important to promote social cohesion but growth alone cannot solve all problems. Instead, well-targeted social policies are essential to promote social cohesion and reverse the upward trend in income inequality. This is the “go social” challenge facing Korea, said OECD Secretary-General in Seoul.
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To help countries improve school-to-work transitions, OECD has launched a new project on Jobs for Youth.