ABSTRACT
The Ministry of Education (MOE) and Human Resource Development is the central government organization responsible for the formulation and implementation of policies related to academic activities, the sciences and public education. Within MOE, the Lifelong Vocational Education Bureau is responsible for the administration of technical and vocational education at secondary and post-secondary level schools and colleges. The Korea Research Institute for Vocational Education and Training (VET) is a national government VET body in Korea. The Minister of Labour provides fmancial support to employers who implement vocational competency development programs. Korea began the early 1960s as a typical labour-surplus economy with a scarce endowment of natural resources and a small domestic market. Korea has experienced very low unemployment rates in spite of its rapid economic growth. The difficult economic and social situation forced the authorities to implement quickly a wide range of macroeconomic and structural reforms, notably in the areas of labour market policies and social safety nets.
