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South Korean President Moon Jae In announced a relief package, worth 40 trillion won (US$32 billion), for key industries disrupted by the coronavirus pandemic.
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Moon also unveiled an additional job protection scheme that involves spending 10 trillion won to cushion the virus impact on the country's job market, Yonhap reports.
Hard-hit key industries include aviation, oil refinery, shipping, shipbuilding and auto production, the backbone of employment.
"Now is the beginning stage of a crisis," he said, presiding over the fifth and last weekly emergency economic council session on the economic and financial fallout the virus.
The government will increase the size of the emergency finance relief scheme to 135 trillion from the 100 trillion won decided in previous emergency economic council sessions, according to Moon.
He also said the government will play a leading role in creating jobs, adding that half a million will be offered, many for youth.
Moon said companies here are facing an "employment cold wave" just around the corner.
"Employment shock may come more extensively and for a longer time, which we have not experienced," Moon warned.
A street banner in the Hongdae neighborhood of western Seoul urges people to maintain social distancing to prevent the spread of the novel coronavirus, on April 21, 2020. The Hongdae area is famous for its youthful atmosphere.
