Yoo Seung-min: "Employment Cliff 'Imminent' Due to COVID... Moon Administration Must Present Fundamental Measures"

"Working Hours for Workers Rapidly Decreasing... Must Be Taken Seriously"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Former People Power Party lawmaker Yoo Seung-min criticized Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, on the 17th for saying that "our employment situation is relatively favorable in international comparison" regarding the November employment trend, saying, "Is this the time to make complacent remarks when the reality is so dire and the employment cliff this winter due to the spread of the novel coronavirus (COVID-19) is clearly visible?"

On the same day, Yoo said on Facebook, "I earnestly hope that the Moon Jae-in administration will face the grim reality of jobs and come up with fundamental measures to create productive jobs, not short-term tax-funded jobs."

Yoo pointed out, "The Moon Jae-in administration must take seriously the issue of rapidly decreasing working hours for workers," adding, "Looking at the November employment trend, the number of employed persons working 36 hours or more per week decreased by 1.16 million, while those working less than 36 hours, including temporary leave, increased by 880,000. Part-time workers have increased significantly, while those working 36 hours or more, which can be considered full employment, have decreased sharply."

Yoo said, "It is not only due to changes in systems like the 52-hour workweek. The faster reduction of jobs that guarantee a certain level of labor income is a serious problem," and added, "The current reality of the employment market is much more serious than what the numbers of employed persons, employment rate, and unemployment rate show."

Yoo stated, "There is abundant evidence showing the grim reality of the employment market, such as the longest period of job decline since the IMF crisis, job losses across all age groups under 60, especially a decrease of 240,000 youth jobs, and an increase of 430,000 in the economically inactive population."

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