Korea's finance minister on Thursday said the planned supplementary budget could create about 60,000 jobs amid industrywide restructuring efforts.

Finance Minister Yoo Il-ho also said the extra budget is meant to stabilize people's livelihoods and revitalize Asia's fourth-largest economy by focusing on job creation.

He made the comments in a meeting with advisers on the country's fiscal policy.

Korea's unemployment rate for young people, aged between 15 and 29, reached 10.3 percent in June, up from May's 9.7 percent, according to the report compiled by Statistics Korea.

Yoo said the government plans to submit the extra budget to the National Assembly for approval as he called for quick and effective implementation of the extra budget to maximize its effects.

Last month, the government unveiled a plan to execute more than 20 trillion won ($16.9 billion) in extra spending, including a supplementary budget worth 10 trillion won, this year to generate jobs and support the country's growth. (Yonhap)