South Korea can boost its potential economic growth by employing more women in the workforce.
A report jointly written by the International Monetary Fund and the Bank of Korea, urged lawmakers to come up with relative measures to help close the gender gap for better childcare benefits and alleviating tax burdens on part-time workers, as well as second earners within a household.
Female labor participation in Korea is among the lowest of the members of the Organization for Economic Cooperation and Development (OECD).
Women’s labor force participation rate came to 52.3 percent in June, 22.1 percentage points lower than that of men in South Korea, according to Statistics Korea.