Jobs, 80% Recovered?... Majority Are Senior Jobs

[Sejong=Asia Economy Reporter Son Seonhee] "Compared to February 2020, just before COVID-19, more than 80% of jobs have been recovered."

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, posted this statement on his social media (SNS) regarding the 'May Employment Trends' announced by Statistics Korea on the 9th.

According to Statistics Korea, the total number of employed people last month was 27.55 million, an increase of 619,000 compared to the same month a year ago. Following an increase of 652,000 in April, this marks two consecutive months with an increase of over 600,000.

However, when looking at the increase in employment by age group, some point out that it is still too early to say the job market has 'recovered.' About 74% (455,000) of the increase in employed people last month was accounted for by those aged 60 and over. The core working-age group in their 30s actually decreased by 69,000, and those in their 40s also decreased by 6,000.

The population categorized as 'resting,' who have the ability to work but are not actively seeking jobs, increased only in the 30s age group (33,000) among the 15-59 age group excluding the elderly.

The number of discouraged job seekers also rose by 34,000 compared to a year ago, totaling 612,000. This is attributed to the fact that employment in wholesale and retail sectors, where the labor proportion of people in their 30s and 40s is high, has not increased significantly.

Looking at employment status by industry, the number of employed people in wholesale and retail trade last month was 3.385 million, down 136,000 (3.8%) from the previous year. Jobs in arts, sports, and leisure-related services also decreased by 39,000 compared to a year ago. Industries that were most severely impacted by COVID-19, such as those experiencing expansion of non-face-to-face distribution and contraction of cultural and artistic industries, still seem to lack signs of recovery in the job market.

Geum Jae-ho, a professor at Korea University of Technology and Education, pointed out, "Considering the base effect, it is still difficult to say that the overall trend has fully recovered."

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