Hong Nam-ki: "Employment Improvement Trend Becomes Clearer... Efforts for Qualitative Improvement"

Deputy Prime Minister Hong Nam-ki Holds Ministerial Meeting on the 15th (Green Room Meeting)
November Employment Trends Assessment: "Strengthening Policy Efforts to Achieve Full Employment Recovery"
"Closely Monitoring Declines in Retail, Accommodation and Food Services, and Self-Employed with Employees"

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is presiding over a meeting of related ministers (Green Room Meeting) on the 15th at the Government Seoul Office in Gwanghwamun, Seoul, focusing on the 'November 2021 Employment Trends,' reviewing and discussing the employment market situation.

[Sejong=Asia Economy Reporter Kim Hyun-jung] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 15th regarding recent employment trends that "the improvement trend has become more distinct," adding, "We will strengthen efforts to ensure that quantitative and qualitative improvements continue so that full employment recovery is achieved promptly."

On the morning of the same day, Deputy Prime Minister Hong held a ministerial meeting (Green Room Meeting) at the Government Seoul Office and made these remarks concerning the November employment trends announced by Statistics Korea. The number of employed persons in November recorded approximately 553,000, marking the ninth consecutive month of increase since March. However, the increase was smaller compared to the previous month (652,000).

He explained, "A clear employment recovery trend continues, with the number of employed persons nearly reaching the pre-COVID-19 peak (27.508 million in February 2020)," and "The number of employed persons has increased by more than 500,000 for eight consecutive months year-on-year, and the employment rate for ages 15-64 (67.5%) is at its highest level as of November." He added, "The private sector is leading the employment recovery, and the public and quasi-public sectors such as health and welfare and public administration continue to play a supporting role. Employment in manufacturing turned to an increase after four months, supported by export growth in new industries such as semiconductors."

In particular, he noted that the improvement in the quality of employment has become more evident. He emphasized, "Employment rates across all age groups, especially among youth, have risen for four consecutive months," and "Relatively high-quality jobs such as regular positions have increased by more than 600,000 for two consecutive months, and the number of workers working 36 hours or more per week has significantly exceeded those working 1 to 17 hours."

However, he pointed out, "Employment conditions remain difficult in sectors such as retail and accommodation and food services, and the number of self-employed with employees and daily workers continues to decline," adding, "Considering the recent spread of COVID-19 and variant viruses, uncertainties in the employment market are expanding, so we will maintain high vigilance and closely monitor changes in employment conditions."

He also stated, "We will further strengthen policy efforts to ensure that the quantitative and qualitative improvements in employment indicators continue and that full employment recovery is achieved promptly," and outlined plans to ▲execute support for small business owners in COVID-19 affected industries ▲sustain private sector job retention and creation ▲timely implementation of tailored support for small business owners, strengthening employment safety nets, and job creation support ▲strengthen employment safety nets and manpower support.

Meanwhile, the Ministry of Economy and Finance announced that attendees reviewed the achievements of job policies over the past four and a half years and agreed to reflect the economic achievements of the Moon Jae-in administration linked to the 2022 economic policy direction in the summary work.

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