The article analyzes the Korean experience of supporting the labor market during the two financial crises. The Asian financial crisis of 1998 taught the Korean government a lesson, as the number of the unemployed almost tripled. Therefore, by the 2008 crisis the country had been well prepared: the employment insurance system that had been developed in those years provided for fund raising to support the jobless, which amounted to thrice as much as was spent for the same cause in 1998.
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