Manufacturing Employment Drops by 30,000... Employment Insurance Enrollment Growth 'Plummets'

[Asia Economy Reporter Kim Bo-kyung] The employment situation in the new year is showing signs of concern. The increase in the number of employment insurance subscribers has been declining for three consecutive months, dropping to the 300,000 range last month. The number of employment insurance subscribers in the manufacturing sector decreased by 29,000 compared to the same month last year for the first time ever. As the manufacturing sector continues to struggle, the number of unemployment benefit recipients approached 500,000.

According to the "January Labor Market Trends" announced by the Ministry of Employment and Labor on the 10th, the number of employment insurance subscribers last month was 13,681,000, an increase of 372,000 compared to the same month last year.

The number of employment insurance subscribers peaked in August last year with an increase of 545,000 compared to the same month the previous year, but the growth rate has been steadily declining since then. In November last year, the increase was 477,000, in December 428,000, but last month it shrank to the 300,000 range. It is the first time in 17 months since August 2018 that the number of employment insurance subscribers recorded in the 300,000 range.

Last month, the number of employment insurance subscribers in the service sector increased by 393,000, while the manufacturing sector decreased by 29,000. The number of manufacturing subscribers has shown a declining trend for five consecutive months for the first time in history. The decrease has also been growing, from 7,000 in September last year, 8,000 in October, 13,000 in November, 17,000 in December, to 29,000 in January this year. The decrease in the number of manufacturing employment insurance subscribers approaching 30,000 is also the first since statistics began to be compiled.

Within manufacturing, decreases were seen in automobiles (-8,000) and machinery equipment (-7,000), while increases were noted in shipbuilding (other transportation equipment, 5,000) and pharmaceuticals (4,000). In the service sector, increases were observed in health and welfare (126,000), accommodation and food services (60,000), and professional scientific and technical services (46,000).

The number of unemployment benefit applicants last month was 174,000, about 3,000 more than in January last year. Applications were mainly from manufacturing (27,000), business services (24,000), construction (21,000), and public administration (20,000).

The number of unemployment benefit recipients last month reached 499,000, an increase of 33,000 compared to the same month last year. The total benefit amount was 733.6 billion won, with an average benefit amount per person of 1.47 million won. The benefit amount per payment, which is the amount received per disbursement, was 1.276 million won.

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