Minister of Employment: "Employment Recovery Faster Compared to OECD... Youth and Career-Interrupted Women in Their 30s and 40s Face Difficulties"

16th Employment Crisis Response Team Meeting
"Active Consideration of Extension for Special Support Sectors Including Travel Industry"

Minister of Employment and Labor An Kyung-duk presiding over and speaking at the 16th Employment Crisis Response Team meeting held on the 12th at the Economic, Social and Labor Council in Jongno-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Sejong=Asia Economy Reporter Moon Chaeseok] An Kyung-duk, Minister of Employment and Labor, stated on the 12th that "employment recovery is considerably faster compared to major OECD countries." However, he assessed that the job situation for vulnerable employment groups such as youth and women with career interruptions is regrettable. He emphasized that the job situation perceived by youth and the employment rate of women in their 30s and 40s with career breaks need further improvement.

At the 16th Employment Crisis Response Team meeting held at the Economic, Social and Labor Council's main conference room in Jongno-gu, Seoul, Minister An said, "Since the low point in January last year, the number of employed persons has been continuously recovering," adding, "Among major OECD countries, only Australia and Canada have achieved over 100% recovery, and the recovery speed of Germany, Japan, and the United States is slower than that of our country."

According to Statistics Korea's announcement on the same day, the number of employed persons last month was 27,298,000, an increase of 773,000 compared to a year earlier. This was the largest increase in 7 years and 10 months since February 2014. In particular, it recovered to 100.2% of the pre-COVID-19 peak in February 2020. Minister An explained, "The seasonally adjusted employment rate last month recorded 67.4%, surpassing the pre-crisis level and reaching an all-time high," and added, "As a result of joint efforts by workers, companies, and the government to stabilize employment, the number of employed persons has been continuously recovering since the low point in January last year."

He also assessed that the quality of employment recovery is improving. Minister An said, "The qualitative aspect of employment recovery is also favorable," and "The private sector is leading the job recovery, and employment improvements are appearing centered on regular positions rather than temporary or daily jobs." He continued, "To strengthen the employment recovery trend centered on private sector jobs this year, we will accelerate the fostering of new industries in digital and green sectors such as system semiconductors, bio-health, future cars?the 'Big 3' industries?and new and renewable energy through the Korean New Deal, and continue to promote regulatory innovation and venture startup activation."

Minister An positively evaluated that the youth employment rate (ages 15-29) last month reached 45.5%, the highest since March 2005, but noted, "The job situation perceived by youth is still difficult," and stated, "This year, we will support youth to enter more quality private sector jobs." Regarding the slower employment recovery of those in their 30s and 40s compared to other age groups, he said, "Especially women in their 30s and 40s are experiencing more career interruptions due to caregiving burdens caused by COVID-19," and added, "It is necessary to promptly implement projects supporting the return to work of women with career interruptions."

Minister An also diagnosed that the situation in manufacturing as well as retail and wholesale industries, which were hit hard by COVID-19, is not easy. He emphasized, "People in their 30s and 40s have a high employment share in manufacturing and retail and wholesale industries, and as industrial structural transformation progresses in these sectors, the job situation is rapidly changing," and said, "In response, we will focus on labor transition support starting this year." He also stated, "We will actively consider extending the support period for 14 special employment support industries such as travel and tourism within the first quarter, and continue to support employment retention in small businesses through employment retention subsidies and job stability funds."

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