Government: "Employment Decline Continues for 9 Months, but Improvement from Previous Month is Positive"

Positive Assessment of 'November Employment Trends' at the November 16th Nokshil Meeting

[Asia Economy Reporter Jang Sehee] The government evaluated that although employment has decreased for nine consecutive months compared to the previous year in the 'November Employment Trends,' the improvement in employment conditions compared to October is positive.

Deputy Prime Minister Hong Nam-ki held a meeting of related ministers (Green Room Meeting) at the Government Seoul Office this morning, attended by Minister of Employment and Labor Lee Jae-gap and Director of the Office for Government Policy Coordination Koo Yoon-chul, to review the employment market situation based on the main contents of the November employment trends.

The number of employed people in November this year decreased by 273,000 compared to November last year. The decrease had been widening in September (-392,000) and October (-421,000) but returned to the August level (-274,000). Employment has decreased for nine consecutive months, marking the longest continuous decline period since 1999.

Moreover, except for those aged 60 and over, the decline continued across all age groups, with particularly large decreases among the youth (-243,000) and those in their 30s (-194,000), influenced by factors such as a contraction in new hires.

The government stated that the recent resurgence of the novel coronavirus infection (COVID-19) could significantly impact the December employment indicators, and they will remain vigilant and closely monitor the situation.

The government said, "We will concentrate the whole-of-government capabilities on preventing the spread of COVID-19, which is a prerequisite for stabilizing the employment market," and "We will prioritize economic policies on job creation and retention, and support for vulnerable groups."

They also added, "We will ensure flawless execution of employment-related budgets," and "We plan to promptly prepare customized damage support measures in response to the resurgence of COVID-19."

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