"Job Impact from COVID-19"… 163,000 More Business Workers, 'All-Time Low'

Ministry of Employment Announces 'February Business Labor Force Survey Results'
163,000 Increase Year-on-Year... Lowest Since Records Began
Under 30 Employees, Accommodation and Food Service Jobs Hit Hard
"Expecting Expanded COVID-19 Impact... Preparing Additional Measures"

Asia Economy DB=Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Kim Bo-kyung] The impact of the novel coronavirus infection (COVID-19) has begun to be reflected in employment indicators. The number of business establishment workers increased by 163,000 compared to the same month last year. This is the lowest increase since records began in 2009.

According to the 'February Business Establishment Labor Survey' released by the Ministry of Employment and Labor on the 31st, the number of business establishment workers as of the end of last month was 18.488 million, an increase of 163,000 (0.9%) compared to the same month last year. This is the smallest increase since the survey began in June 2009.

Im Seo-jung, Vice Minister of Employment, said at a briefing, "Compared to the recent increase of around 300,000 workers, this is a significantly reduced level," adding, "It seems that the impact of COVID-19 is gradually appearing."

It was analyzed that small and medium-sized enterprises, micro-businesses, and jobs in the accommodation and food service industries were hit directly. The increase in the number of workers in establishments with fewer than 30 employees was only 110,000, significantly down from 228,000 in the previous month.

While the number of workers in large enterprises with 300 or more employees increased by 2.3% (65,000) compared to the same month last year, small and medium enterprises with fewer than 300 employees increased by only 0.6% (98,000). Compared to January, when the impact of COVID-19 was relatively less, these figures fell by 0.1 percentage points and 0.8 percentage points respectively. COVID-19 has had a more severe impact on jobs in small and medium enterprises with fewer than 300 employees.

By industry, the number of workers in the accommodation and food service sector decreased the most, by 53,000 (-4.2%) compared to the same month last year. The business facility management, business support, and rental service sector also decreased by 12,000 (-1.0%). The accommodation and food service sector includes hotels and other tourism accommodations, while the business facility and rental service sector includes travel agencies and car rental services.

The arts, sports, and leisure-related service sector, which includes performance industries, also saw a decrease of 6,000 workers.

By region, the number of workers in workplaces in Daegu, Gyeongbuk, and Gyeongnam, which were heavily affected by COVID-19, decreased by 0.2% each compared to the previous year. The regions with the highest worker growth rates were Sejong (9.4%), Jeonnam (4.3%), and Jeonbuk (2.2%), in that order.

The number of job changers last month was 931,000, an increase of 208,000 (28.8%) compared to the same month last year. The job turnover rate was 5.3%, up 1.1 percentage points from the same month last year. The number of job changers in establishments with 300 or more employees was 90,000, an increase of 18,000 (25.0%), while the number in establishments with fewer than 300 employees was 840,000, an increase of 190,000 (29.2%). Most job changes occurred in small and medium enterprises with fewer than 300 employees.

Among job changers, voluntary job changes were 356,000, an increase of 98,000 (37.8%) compared to the same month last year, and involuntary job changes were 434,000, an increase of 45,000 (11.7%).

Vice Minister Im said, "It is expected that the impact of COVID-19 on our jobs will appear more broadly across various social strata," adding, "The government will ensure timely implementation of prepared measures and prepare additional supplementary measures."

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