Only 151,000 new subscribers increased… 54,000 subscribers to the lodging and food service business fell sharply
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Due to the 3rd pandemic of the new coronavirus infection in Korea (Corona 19), the increase in employment insurance subscribers last month fell to the lowest level in 17 years.
According to the labor market trends for January released by the Ministry of Employment and Labor on the 8th, the number of employment insurance subscribers last month was 1,3835,000, an increase of only 151,000 (1.1%) compared to the same month last year. The monthly increase in employment insurance subscribers is the lowest since February 2004 (138,000). Since the third epidemic in November of last year, the increase has slowed significantly due to the continuation of intense social distancing. This is lower than in May last year (155,000 people) when Corona 19 re-proliferated largely in the metropolitan area after the first corona 19 pandemic.
In particular, in the face-to-face service sector, which was greatly affected by high-intensity social distancing, the number of employment insurance subscribers decreased significantly. The number of employment insurance subscribers in the lodging and food industry fell by 54,000 from the same month last year. This industry’s monthly subscriber decline is the largest ever. The number of business services, including the travel industry, decreased by 20,000 and the number of subscribers to the arts and sports industry decreased by 9,000.
The number of public administration subscribers, which has prevented the fall of the employment index due to the massive supply of jobs in the public sector, has only increased slightly to 29,000. This is because job projects of the government and local governments were sequentially ended at the end of last year, and many new projects have not yet started.
On the other hand, the non-face-to-face service sector, which increased demand due to’social distancing’, showed a contrasting pattern as the number of employment insurance subscribers increased significantly. Due to the increase in online and non-face-to-face demand, the number of non-store retailers, including online shopping, increased by 22,000 and the number of subscribers to the delivery service increased by 2,000. As the demand for digital contents such as games and movies increased, the number of subscribers to the information service industry increased by 5,000.
The number of employment insurance subscribers in the manufacturing industry was 3537,000, down 13,000 (0.4%) from the same month last year. The number of subscribers in the manufacturing industry has been declining for 17 months since September last year, but the decline has been declining.
The number of subscribers to the electronics and telecommunications industries, which are major industries including semiconductors, increased by 6,000. Shipbuilding and other transportation equipment industries decreased by 12,000 people due to the recession and the decline increased.
Looking at the increase and decrease of employment insurance subscribers by age group last month, the number of people in their 40s, 50s, and 60s and over increased, but those under 29 (-25,000) and 30 (-57,000) decreased. It seems to reflect the reality that the employment shock is concentrated on the youth due to the reduction and delay of hiring by companies. Employment insurance subscribers under the age of 29 showed a decline in 4 months.
Last month, the amount paid by the Employment Insurance Fund to support job search for the unemployed was KRW 960.2 billion. The total number of job-seeking benefits recipients last month was 669,000, up 34.0% from the same month last year (499,000). The number of new applicants for job-seeking benefits was 212,000.
The monthly labor market trends released by the Ministry of Labor are targeting regular and temporary workers among employment insurance subscribers, and excludes specially employed workers, freelancers, self-employed, and ultra-short-time workers.
/ Intern reporter Park Shin-won [email protected]
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