S. Korea to launch task force to tackle disparities

Korea is set to establish a new task force under the leadership of Finance Minister Lee Hyoung-il, aiming to tackle the growing disparities across various sectors, the government announced on Wednesday. During a meeting with economy-related ministers, Minister Lee unveiled the plan, outlining that the task force will comprise five working groups, each focusing on addressing disparities in the labor market, industries, regions, generations, and social classes.

The groups will be headed by vice ministers responsible for their respective areas and will collaborate with state-run research institutes to pinpoint key policy areas. The rapid advancement of artificial intelligence is anticipated to exacerbate and accelerate these disparities, potentially resulting in a K-shaped divide, according to the government.

Concerns have been raised that the benefits of economic growth are not being uniformly distributed, with limited opportunities for upward mobility. The working groups are scheduled to officially commence operations on Thursday, with each group expected to submit its detailed objectives to the task force by early December. The conclusions reached by these working groups will be integrated into Korea's economic growth plan for 2027.