Employment in Korea slows to its lowest level in 3 years in 2024
SEOUL, January 15, 2020 – Data today, Wednesday, showed that employment growth in the Republic of Korea on an annual basis slowed significantly during 2024, with a decline in the number of new employees in the manufacturing and retail sectors, and among young people.
The Korean Yonhap News Agency reported that the number of workers increased by 159,000 people, by 0.06%, from the previous year, to reach 28.58 million in 2024, according to data collected by the Korean Statistics Agency.
Job creation was more robust in the immediate post-pandemic period, with 816,000 new jobs added in 2022, the largest year-on-year growth since 2000. However, the pace of growth slowed to 327,000 jobs in 2023 before declining further. In 2024.
In December 2024 alone, the country recorded a net loss of 52,000 jobs compared to the previous year, which represents a sharp contrast to the addition of 120,000 jobs in November. This represents the first annual decline in employment in 3 years and 10 months.
The country’s unemployment rate rose by 0.1 percentage point to reach 2.8% in 2024, while the employment rate for people aged 15 to 64 years increased by 0.3 percentage point year-on-year to reach 69.5%, the highest number since the statistics agency began… Collect relevant data.
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