Prime Minster Hwang Kyo-ahn said Friday that a labor reform deal reached by labor, management and government representatives will create more jobs for the youth.
  

Just weeks ago, labor, management and government representatives reached the agreement to revamp the nation's rigid labor market, which includes measures to make it easier to dismiss underperforming workers and a "peak wage" system, under which employees take a pay cut as they approach retirement in exchange for prolonging their careers.
  

The agreement needs to be passed at the parliament in order to enter into force.
  

"The labor reform will greatly help create more jobs for the youth when it is finalized through the National Assembly," said Hwang at a job fair at the National Assembly.
  

Hwang further noted that the agreement will put the country's sluggish economy back on track and create more jobs for all generations eventually.
  

With youth unemployment remaining stubbornly high, the government has pushed for increasing labor flexibility to create more jobs for young adults amid a protracted economic slowdown.
  

South Korea's jobless rate for people between the ages of 15 and 29 came to 8 percent in August, much higher than the headline unemployment rate of 3.4 percent. (Yonhap)