South Korea’s employment insurance enrollees reached 15.807 million in April, marking an increase of 269,000 from the previous year, according to the latest employment trend survey. This overall rise reverses a four-month slump with a rebound of 200,000 subscribers.
Sector-Specific Declines Persist
Despite the national uptick, manufacturing saw enrollees drop to 3.841 million, down 8,000 year-over-year, extending declines for 11 consecutive months. Construction enrollees fell to 746,000, a decrease of 9,000, marking 33 months of continuous reduction.
Service Sector Drives Growth
The service industry fueled the overall increase, adding 2.84 million enrollees. Wholesale and retail sectors led with a gain of 1.17 million, absorbing the bulk of the expansion.
Analyst Insights on Trends
An analyst at the Ministry of Employment and Labor noted that new entrants to employment insurance align closely with natural attrition rates across the four major insurance categories. “This uptick serves as a positive indicator for the economy,” the analyst added.
Small Businesses Face Challenges
Small and medium-sized enterprises reported 6.677 million enrollees, a sharp decline of 340,000 from last April’s 7.01 million. Unemployment benefit claimants in these firms numbered 667,000, down 34,000 year-over-year. Payouts for these claims totaled 1.1091 trillion won, reduced by 480 billion won from the prior period.
