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S. Korea Posts 16.2 Percent Drop in October Unemployment Claims
(MENAFN) Jobless benefit applications in South Korea dropped sharply last month as demand weakened across construction and manufacturing sectors, official statistics released Monday confirmed.
New applicants seeking job-hunting benefits fell 16.2 percent year-over-year to 75,000 in October, reversing double-digit growth recorded the previous month, the Ministry of Employment and Labor reported.
Applications declined across construction, manufacturing, and wholesale-retail industries, while the water supply, sewage and waste management sector saw no change in claims.
The government provides job-seeking benefits to assist unemployed workers in finding new positions, comprising the largest portion of unemployment compensation funded through the national employment insurance program.
Total benefit recipients numbered 576,000 in October, representing a 2.0 percent year-over-year decline.
Despite fewer claimants, aggregate job-seeking benefit disbursements surged 4.9 percent to 1.05 trillion won (721.9 million U.S. dollars) during the month.
New applicants seeking job-hunting benefits fell 16.2 percent year-over-year to 75,000 in October, reversing double-digit growth recorded the previous month, the Ministry of Employment and Labor reported.
Applications declined across construction, manufacturing, and wholesale-retail industries, while the water supply, sewage and waste management sector saw no change in claims.
The government provides job-seeking benefits to assist unemployed workers in finding new positions, comprising the largest portion of unemployment compensation funded through the national employment insurance program.
Total benefit recipients numbered 576,000 in October, representing a 2.0 percent year-over-year decline.
Despite fewer claimants, aggregate job-seeking benefit disbursements surged 4.9 percent to 1.05 trillion won (721.9 million U.S. dollars) during the month.
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