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South Korea Faces Record Low Employment Growth in 2022

1/14/2025

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Summary

Story summary

South Korea's employment insurance subscriber growth fell to a record low of 1.6% in 2022, the lowest since 1997.
Unemployment benefits payments approached 12 trillion won, supporting 531,000 recipients.
The construction and manufacturing sectors experienced significant job declines, resulting in a 0.40 job-to-seeker ratio.
To address employment challenges, the Ministry of Employment aims to create 1.1 million direct jobs in early 2023.

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Story summary

South Korea's employment insurance subscriber growth fell to a record low of 1.6% in 2022, the lowest since 1997.
Unemployment benefits payments approached 12 trillion won, supporting 531,000 recipients.
The construction and manufacturing sectors experienced significant job declines, resulting in a 0.40 job-to-seeker ratio.
To address employment challenges, the Ministry of Employment aims to create 1.1 million direct jobs in early 2023.