South Korea sees decline on self-employed workforce this year
Date
11/6/2024 6:51:04 AM
(MENAFN) South Korea has seen a significant decline in its self-employed workforce this year, primarily driven by weakening domestic demand, according to data released by Statistics Korea on Wednesday. The total number of non-wage workers, which includes self-employed individuals with or without employees and unpaid family workers, decreased by 67,000 compared to the previous year, dropping to 6.66 million in August 2024.
While the number of self-employed workers who hired employees increased by 26,000, reaching 1.44 million, those without employees experienced a sharp decline. The latter group fell by 64,000, bringing their total down to 4.31 million. The decline in non-wage workers was particularly pronounced in sectors such as wholesale and retail, as well as in the eatery and lodging industries, where reduced domestic demand resulted in a combined loss of 76,000 jobs. In contrast, sectors like science and technology, and arts and sports saw growth, with an increase of 14,000 and 11,000, respectively.
Age-wise, the number of non-wage workers in the younger (15-29) and older (over 60) age groups increased by 11,000 and 10,000, respectively. However, workers in their 30s, 40s, and 50s saw declines, with drops of 59,000, 1,000, and 28,000, respectively. This demographic shift reflects changing patterns in the workforce, as younger and older individuals may be more inclined to pursue self-employment opportunities, while middle-aged workers face more challenges in this area.
The overall proportion of non-wage workers to total employment has been steadily decreasing over the past decade. From 28.6 percent in 2012, it dropped to 25.5 percent in 2018 and further fell to 23.1 percent in 2024. This trend reflects broader economic shifts, as the workforce becomes increasingly concentrated in wage-based employment as opposed to self-employment.
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