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S. Korea Posts Surge in November Employment
(MENAFN) South Korea's employment figures climbed for an unprecedented 11th consecutive month, powered primarily by a dramatic surge in senior workforce participation, government statistics revealed Wednesday.
Total employment for individuals aged 15 and above increased by 225,000—a 0.8 percent annual gain—reaching 29,046,000 in November, marking sustained expansion since January, the Ministry of Data and Statistics reported.
The growth trajectory was overwhelmingly driven by older workers. Employment among those 60 and above surged by 333,000 year-over-year in November, while positions for workers in their 30s and 50s rose by 76,000 and 2,000 respectively.
However, youth employment plummeted 177,000 for the 15-29 age bracket, with workers in their 40s shedding 9,000 positions.
The health and social welfare sector led job creation with 281,000 new positions, followed by business facility management and support services adding 63,000, and arts, sports, and leisure services contributing 61,000.
Manufacturing employment contracted by 41,000 in November compared to the prior year—extending a downward spiral for the 17th straight month.
Construction sector losses hit 131,000, marking the 19th consecutive month of decline.
Regular employees increased by 258,000 and irregular workers by 65,000, though daily laborers decreased by 29,000 last month.
Self-employed individuals with hired staff grew by 75,000, while solo self-employed workers dropped by 112,000.
The employment rate for those 15 and older rose 0.2 percentage points to 63.4 percent in November year-over-year, while the OECD-method employment rate for the 15-64 demographic climbed 0.3 percentage points to 70.2 percent.
Unemployment totaled 661,000 in November, up 5,000 from the previous year. The unemployment rate remained flat at 2.2 percent.
Total employment for individuals aged 15 and above increased by 225,000—a 0.8 percent annual gain—reaching 29,046,000 in November, marking sustained expansion since January, the Ministry of Data and Statistics reported.
The growth trajectory was overwhelmingly driven by older workers. Employment among those 60 and above surged by 333,000 year-over-year in November, while positions for workers in their 30s and 50s rose by 76,000 and 2,000 respectively.
However, youth employment plummeted 177,000 for the 15-29 age bracket, with workers in their 40s shedding 9,000 positions.
The health and social welfare sector led job creation with 281,000 new positions, followed by business facility management and support services adding 63,000, and arts, sports, and leisure services contributing 61,000.
Manufacturing employment contracted by 41,000 in November compared to the prior year—extending a downward spiral for the 17th straight month.
Construction sector losses hit 131,000, marking the 19th consecutive month of decline.
Regular employees increased by 258,000 and irregular workers by 65,000, though daily laborers decreased by 29,000 last month.
Self-employed individuals with hired staff grew by 75,000, while solo self-employed workers dropped by 112,000.
The employment rate for those 15 and older rose 0.2 percentage points to 63.4 percent in November year-over-year, while the OECD-method employment rate for the 15-64 demographic climbed 0.3 percentage points to 70.2 percent.
Unemployment totaled 661,000 in November, up 5,000 from the previous year. The unemployment rate remained flat at 2.2 percent.
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