Employment in Korea,’Total Difficulty’… Less employed, more unemployed and depleted of support funds

In the announcement of the government’s youth and women countermeasures,’January employment floor theory’
Indicators deteriorate and support funds are exhausted… Employment vitality↓

Employment in Korea,'Total Difficulty'...  Less employed, more unemployed and depleted of support funds
On the 9th, at the Seoul Employment Welfare Plus Center in Jung-gu, Seoul, citizens are receiving counseling, such as applying for unemployment benefits and supporting employment. / Reporter Moon Ho-nam munonam@

[세종=아시아경제 문채석 기자] Employment in Korea is truly in a total crisis. The number of employed and the unemployed are on the worst path. The job search promotion subsidies supported by taxes are also falling.

According to the employment trend for January released by the National Statistical Office, the number of employed people last month was 25818,000, a decrease of 982,000 (3.7%) from the previous year. In December 1998, during the International Monetary Fund (IMF) financial crisis, the number of people decreased by 1283,000, the largest decline in 22 years.

Last month, the number of unemployed was 1.57 million, an increase of 417,000 (36.2%) from the same month last year. The increase was greatest in 20 years since June 2000. The unemployment rate was 5.7%, up 1.6 percentage points over the same period.

The vitality of finding a job is also weakening. Last month, the number of inactive economically active population was 17.8 million, an increase of 867,000 (5.2%) compared to the same month of the previous year. It increased at all ages.

In particular, the number of young adults in their 20s and 30s who took a break increased by 105,000 (29.4%) and 71,000 (33.9%), respectively. The growth of the resting population in their 20s and 30s is considered very serious as a decisive factor that depresses the country’s economic growth engine.

Employment in Korea,'Total Difficulty'...  Less employed, more unemployed and depleted of support funds
Minister of Employment and Labor Lee Jae-gap is speaking at the’National Employment Support System Participants Conference’ held at the Southern Employment Center in Yeongdeungpo-gu, Seoul on the 3rd. / Reporter Kang Jin-hyung

The government is implementing all-round policies to promote job search, such as unemployment benefits and the national employment support system. The problem is that the subsidies for these policies are falling, but there are no signs of quality jobs all the time.

First, after losing their job, 212,000 unemployed people applied for unemployment benefits last month. It is the largest in history on a monthly basis.

The number of applicants for the National Employment Support System reached 199,000 in one month. This is a system that provides 3 million won per person to low-income job seekers, young people, and women with career interruptions, and has been in effect since last January.

Initially, the Ministry of Employment and Labor set about 400,000 people for payment, but 200,000 people flocked within a month.

In the midst of this, the Ministry of Employment announced that through this year’s work plan, it will raise the employment insurance premium rate on the grounds that it is no longer possible to postpone fiscal soundness.

There are many places to pay and no place to come in, but financial resources are likely to result in taxes.

Given this situation, expectations for youth employment measures that the government announced that it would prepare in the first quarter are diminishing.

Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance said that “January’s employment will be the bottom and it will show improvement little by little,” and the message of Employment Minister Lee Jae-gap that “we will create jobs for youth and women” There is a high voice saying that is not included.

Sejong = Reporter Moon Chae-seok [email protected]

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