Hong Nam-ki: "Employment Indicator Reversal, an Achievement Amid Declining Working-Age Population"

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, is speaking at a joint briefing on the 2019 employment trends and future policy directions held on the 15th at the briefing room of the Government Seoul Office in Jongno-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kim Min-young] Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki evaluated on the 15th that "last year's employment increase, employment rate, and unemployment, the three major employment indicators, all improved, achieving a 'V-shaped' rebound in quantitative terms."

At the joint briefing on '2019 Employment Trends and Future Policy Directions' held at the Government Seoul Office Building on the morning of the same day, Deputy Prime Minister Hong said, "There has been a clear improvement in overall employment conditions such as wages and working hours, and the quality of employment achievements is also spreading."

According to the 'December 2019 and Annual Employment Trends' announced by Statistics Korea on the same day, the number of employed people in December last year was 27.154 million, an increase of 516,000 compared to a year earlier. This is the largest increase in 5 years and 4 months. Accordingly, the annual number of employed people last year was 27.123 million, an increase of 301,000 compared to a year earlier, recovering to the 300,000 level again since 2017. The annual employment rate for those aged 15-64 was 66.8%, the highest since 1989 (60.6%) when the employment rate for ages 15-64 was separately compiled.

Deputy Prime Minister Hong emphasized, "Last year was a year of job rebound, where the results of job-centered national governance became visible," adding, "The turnaround in employment indicators is a meaningful achievement made under difficult conditions where the working-age population is decreasing, unlike in the past when an increase in employed people was taken for granted."

Regarding those in their 40s, who decreased by 162,000 last year, he said, "We will prepare a customized comprehensive plan by March based on an analysis equivalent to a full survey of retirees and job seekers." Specifically, plans will be made to resolve job mismatches, strengthen reemployment capabilities for those in their 40s through vocational training, and enhance entrepreneurship capabilities.

Deputy Prime Minister Hong also said, "In the future, to make an accurate judgment of the labor market, we will prepare to shift the focus from the increase in employed people to employment rate-centered indicators," adding, "It is also time to strengthen policies to prevent blind spots in the employment safety net due to the expansion of platform workers and workers in special forms of employment while seeking breakthroughs in services and new industries."

He conveyed, "We will not be complacent with last year's employment achievements and will strive even harder to make this year one in which each citizen's life improves and tangible changes can be felt."

Attending the briefing were Deputy Prime Minister Hong Nam-ki, Minister of Trade, Industry and Energy Sung Yun-mo, Minister of Employment and Labor Lee Jae-gap, Minister of Health and Welfare Park Neung-hoo, Minister of SMEs and Startups Park Young-sun, Director of the Office for Government Policy Coordination Noh Hyung-wook, and Commissioner of Statistics Korea Kang Shin-wook.

This content was produced with the assistance of AI translation services.