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Employment growth in Republic of Korea slows annually in 2024
(MENAFN) Year-on-year employment growth in the Republic of Korea has shown a huge slowdown over the past year, with the number of new hires in the manufacturing and retail sectors, and among young people as well, data released on Wednesday showed.
Yonhap News Agency also said the number of employed people rose by 159,000, or 0.06 percent, from a year earlier to 28.58 million in 2024, data compiled by the Korea Statistics Agency showed.
Job creation was also more determined in the immediate post-pandemic period, with 816,000 new jobs added in 2022, the largest annual growth since 2000, however, the pace of growth slowed to 327,000 jobs in 2023 before declining further the year before.
In addition, in December 2024 alone, the Republic of Korea recorded a net loss of 52,000 jobs compared to the previous year, which is a significant contrast with the addition of 120,000 jobs in November, and this is the first annual decline in employment in 3 years and 10 months.
The unemployment rate in the Republic also rose 0.1 percentage points to 2.8 percent in 2024, while the employment rate among individuals between the ages of 15 and 64 increased by 0.3 percentage points annually to 69.5 percent, representing the highest figure since the statistics agency began collecting related data.
Yonhap News Agency also said the number of employed people rose by 159,000, or 0.06 percent, from a year earlier to 28.58 million in 2024, data compiled by the Korea Statistics Agency showed.
Job creation was also more determined in the immediate post-pandemic period, with 816,000 new jobs added in 2022, the largest annual growth since 2000, however, the pace of growth slowed to 327,000 jobs in 2023 before declining further the year before.
In addition, in December 2024 alone, the Republic of Korea recorded a net loss of 52,000 jobs compared to the previous year, which is a significant contrast with the addition of 120,000 jobs in November, and this is the first annual decline in employment in 3 years and 10 months.
The unemployment rate in the Republic also rose 0.1 percentage points to 2.8 percent in 2024, while the employment rate among individuals between the ages of 15 and 64 increased by 0.3 percentage points annually to 69.5 percent, representing the highest figure since the statistics agency began collecting related data.
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