College students take a look at a job data board at a college in Seoul, Nov. 12. Yonhap
This 12 months’s unemployment profit funds are anticipated to hit a brand new excessive after funds in January via November exceeded the earlier report set in 2021, the labor ministry stated Monday.
In line with the ministry’s newest evaluation of labor market developments, the federal government paid 792 billion gained ($539 million) in unemployment advantages in November, down 6 p.c from a 12 months in the past and the primary time since January that it fell wanting 1 trillion gained.
From February via October, the funds exceeded 1 trillion gained each month, setting a report for the longest interval of over 1 trillion-won funds.
The amassed complete within the first 11 months of the 12 months was 11.47 trillion gained, exceeding the 11.25 trillion gained report set throughout the identical interval in 2021, when unemployment was excessive because of the pandemic.
“Sometimes, unemployment profit funds in December are rather less than or on the similar degree as in November,” a ministry official stated. “Subsequent month’s unemployment profit funds are anticipated to be between 800 and 900 billion gained.”
Information additionally confirmed that the variety of folks repeatedly subscribing to state employment insurance coverage was 15.65 million on the finish of November, up 1.1 p.c from a 12 months in the past.
In the meantime, the variety of jobs per jobseeker was 0.43, the bottom determine for November since 1998, when the nation was rising from the Asian monetary disaster.
“Demand for labor has weakened significantly within the manufacturing, building and wholesale and retail industries,” the official stated. “On the similar time, the variety of folks in search of jobs is regularly rising, leading to a poor determine.”
The official added that the labor market is clearly displaying enhancements by way of the variety of jobs but in addition revealing weak employment within the manufacturing and building industries, in addition to amongst younger folks.
