One in Ten of the 320,000 Wage Job Increases in Q1 Belongs to Those Aged 60 and Over

Statistics Korea Announces 'Wage Worker Job Trends'
Growth Engine 2030 Drops Sharply... 20s -35,000, 30s -63,000

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] Although the total number of wage employment jobs increased by about 320,000 in the first quarter, more than 90% of these were among those aged 60 and over. The share of the 2030 generation, considered the driving force of the country's economic growth, actually decreased.

According to the 'Wage Employment Job Trends' data released by Statistics Korea on the 26th, the number of wage employment jobs in the first quarter (as of February) was 18,997,000, an increase of 321,000 (1.7%) compared to the same period last year.

What stands out is that jobs for the 2030 generation decreased, while those for the senior group aged 60 and over increased significantly, and the industries with job growth are somewhat distant from what are considered 'quality jobs.'

Specifically, jobs increased by 292,000 for those aged 60 and over, 117,000 for those in their 50s, and 10,000 for those in their 40s, while jobs for those in their 30s decreased by 63,000 and those in their 20s by 35,000.

In particular, among those aged 60 and over, 114,000 jobs, accounting for 39% of the increase, were in the health and social welfare sector. This sector has a large proportion of direct jobs supported by financial aid projects lasting about six months. Additionally, workers in manufacturing (37,000) and construction (33,000) also increased.

On the other hand, for those in their 30s, jobs decreased by 45,000 in manufacturing, 10,000 in accommodation and food services, and 10,000 in business and rental services. The decrease in accommodation and food services, which was hit hard by COVID-19, is problematic, but it is also notable that the '30s industrial workforce' significantly declined even in manufacturing, which has the largest worker share at 21.9%.

By industry, jobs increased by 148,000 in health and social welfare (2,169,000 jobs) and 70,000 in public administration (1,279,000 jobs), while jobs decreased by 28,000 in manufacturing (4,155,000 jobs) and 72,000 in accommodation and food services (793,000 jobs).

Manufacturing jobs decreased in other transportation equipment (-11,000), metal processing (-9,000), and clothing and fur (-6,000), among others.

Accommodation and food services lost more than 70,000 jobs due to the impact of COVID-19. With strengthened quarantine guidelines, both restaurants and bars (-63,000) and lodging businesses (-9,000) suffered severe damage.

By gender, male jobs (10,961,000) increased by 104,000 (1%), and female jobs (8,036,000) increased by 217,000 (2.8%). The male share of total jobs was 57.7%, and the female share was 42.3%.

Source: Statistics Korea

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