AI<\/a>, regional development and talent development, according to a ministry press release. <\/p>\nThe fund would be financed mainly by tax revenue exceeding a benchmark based on the average \u200cgrowth in domestic tax \u2060receipts over the past decade. <\/p>\n
It would accumulate excess tax revenue in strong years that could later be used to help cushion \u2060periods of weaker revenue, according to the ministry. <\/p>\n
South Korean chipmakers Samsung Electronics and SK Hynix have seen their earnings soar as the AI boom creates insatiable demand for \u200bchips. <\/p>\n
The \u200bgovernment did not provide an official estimate \u200bof the fund’s size. South Korean \u200cmedia said it could exceed 100 trillion won ($72.28 billion) based on government projections for next year’s tax revenue and expected inflows from other sources. <\/p>\n
Under the plan, youth programmes would support employment, housing, asset building, marriage and childbirth, while investment in growth industries would focus on AI and other strategic technologies. <\/p>\n
President Lee Jae \u200cMyung has pledged to expand opportunities for young \u200bpeople as the country grapples with low birth \u200brates, housing affordability concerns and \u200blabour market challenges. <\/p>\n
Government data showed the youth unemployment rate rose \u200cto 6.8% in July, while Lee \u200brecently warned that the \u200bspread of AI could further cloud job prospects for younger workers. <\/p>\n
The fund is also tied to an overhaul of education funding that would redirect \u200bmore resources toward talent \u200cdevelopment, higher education and lifelong learning. <\/p>\n
The government plans to submit related \u200blegislation to parliament alongside its 2027 budget proposal next month. <\/p>\n
($1 = 1,383.5000 \u200bwon) <\/p>\n
(Reporting by Kyu-seok ShimEditing by Ed Davies) <\/p>\n","protected":false},"excerpt":{"rendered":"SEOUL, Aug 21 (Reuters) – South Korea plans to create a new fund to channel tax windfalls from…\n","protected":false},"author":2,"featured_media":146943,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[24,25,72208,698,35620,72207],"class_list":["post-146942","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ai","tag-ai","tag-artificial-intelligence","tag-growth-industries","tag-south-korea","tag-talent-development","tag-tax-revenue"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts\/146942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/comments?post=146942"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/posts\/146942\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/media\/146943"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/media?parent=146942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/categories?post=146942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ai\/wp-json\/wp\/v2\/tags?post=146942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}