90,000 Jobs Disappear by 2030... 5060 Age Group Sees 550,000 Job Increase

Statistics Korea, 4th Quarter 2020 Wage Worker Job Trends
Public Administration Jobs Increase by 240,000... Largest Growth Since Statistics Compilation

[Sejong=Asia Economy Reporter Moon Chaeseok] In the fourth quarter of last year, wage worker jobs for youth under 30 disappeared by more than 90,000, while jobs for seniors aged 50 and over increased by nearly 550,000. Although job losses continued in manufacturing and accommodation/food services due to the impact of the COVID-19 pandemic, public administration jobs increased the most since related statistics began in 2018, thanks to the rise in government job projects.

On the 27th, Statistics Korea announced the '2020 4th Quarter Wage Worker Job Trends' containing these details. Overall, wage worker jobs in the fourth quarter of last year (as of November) totaled 19,589,000, an increase of 503,000 jobs (2.6%) compared to the same quarter the previous year. The increase in wage worker jobs gradually expanded from the second quarter (+211,000 jobs) and third quarter (+369,000 jobs) of last year, when the COVID-19 situation was most severe.

However, this growth was prominent among middle-aged and older workers. The number of wage workers aged 60 and over increased by 392,000 (15.7%), the largest increase since related statistics began in 2018. Those in their 50s increased by 156,000 (3.7%), and those in their 40s by 46,000 (1.0%). Conversely, youth under 30 lost more than 90,000 jobs. Wage worker jobs for those in their 30s decreased by 68,000 (-1.5%) compared to a year earlier, marking five consecutive quarters of decline. Those aged 20 and under decreased by 23,000 (-0.7%), showing a decline for four consecutive quarters. Kim Jin, head of the Administrative Statistics Division at Statistics Korea, explained, "The decrease among those aged 20 and under was large in manufacturing, accommodation/food services, and wholesale/retail sectors, while those in their 30s saw decreases in manufacturing, construction, and wholesale/retail sectors."

By gender, male jobs (11,275,000) increased by 157,000, and female jobs (8,315,000) increased by 346,000. The gender ratio of total jobs was 57.6% male and 42.4% female.

Source: Statistics Korea

By industry, manufacturing, which accounts for the largest share of jobs at 21.2%, saw a decrease of 66,000 jobs compared to the same period last year. This was influenced by declines in machinery equipment (-9,000), metal processing (-8,000), and other transportation equipment (-8,000). Manufacturing jobs have been declining since the fourth quarter of 2019 due to production sluggishness, with significant decreases maintained in the second quarter (-65,000) and third quarter (-87,000) of last year. Due to COVID-19, jobs also decreased in accommodation/food services (-51,000), arts/sports/leisure (-5,000), and transportation/warehousing (-3,000).

On the other hand, public administration jobs increased by 245,000, the largest increase since related statistics began in 2018. Jobs also increased in health/social welfare (+158,000), professional/scientific/technical (+69,000), and education (+37,000). Kim said, "Public administration saw a significant rise due to diverse job projects conducted by the government and local governments. The increase was mainly among women and those aged 60 and over and in their 50s, but this time, increases were also seen among men, those aged 20 and under, and those in their 40s."

By organizational type, jobs provided by government and non-corporate organizations increased by 302,000, those by non-company corporations by 213,000, and those by company corporations by 37,000. Conversely, jobs in individual enterprises decreased by 48,000, marking three consecutive quarters of decline, mainly in manufacturing, accommodation/food services, and construction, according to Statistics Korea. Among total jobs, company corporations accounted for the largest share at 55.3%, followed by individual enterprises at 16.3%, government/non-corporate organizations at 15.1%, and non-company corporations at 13.3%.

Among all wage worker jobs, continuing jobs?meaning jobs held by workers who continued the same work as the previous year?numbered 13,573,000 (69.3%). Jobs replaced due to retirement or job change numbered 3,060,000 (15.6%), new jobs numbered 2,957,000 (15.1%), and disappearing jobs numbered 2,454,000.

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