Jobseekers are seen at a job truthful held at a subway station within the southeastern metropolis of Daegu, Nov. 19. Yonhap
South Korea’s job development slowed to a file low in 2024 due primarily to a droop within the building sector and demographic modifications, information confirmed Thursday.
The nation recorded 26.71 million jobs final yr, up 60,000, or 0.2 %, from a yr earlier, in response to the Ministry of Knowledge and Statistics.
Each the expansion fee and the variety of new jobs have been the bottom because the company started compiling such information in 2016.
Job development, which had hovered round 800,000 per yr from 2020 to 2022, had plunged to 200,000 in 2023.
The additional slowdown final yr was primarily attributable to the sluggish building trade, which misplaced 60,000 positions.
The finance and insurance coverage sector and the transportation and warehousing discipline additionally had fewer positions, whereas well being and social welfare added 130,000 jobs, pushed by government-led care service positions.
Giant corporations shed 80,000 jobs, lowering their whole employment to 4.43 million, whereas small and medium-sized enterprises had 10,000 fewer jobs final yr, marking the primary drop because the file preserving started.
By age group, staff of their 50s held the biggest share of jobs at 6.43 million, or 24.1 % of the full, adopted by these of their 40s with 6.03 million and 30s having 5.31 million.
Jobs for folks of their 20s fell by 150,000 to three.28 million in 2024, marking the second consecutive yr of decline. The variety of jobs held by staff of their 40s additionally decreased by 170,000.
In distinction, jobs rose sharply amongst these of their 60s, and 70s or older, with every group including 150,000 positions, the information confirmed.
“The loss in jobs amongst folks of their 20s was as a result of inhabitants lower of the age bracket and weaker new hiring, whereas the drop in employment of individuals of their 40s mirrored each demographic developments and the slowdown within the building sector,” the company mentioned.
The “jobs” determine on this information refers to positions held, which differs from employment statistics that rely the variety of particular person staff.
