Deputy Prime Minister Hong: "Employment Shows Clear Improvement... Strengthening Policy Efforts to Expand Private Sector Jobs"

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is presiding over a meeting of related ministers at the Government Seoul Office Building on the 16th, focusing on the 'February 2022 Employment Trends.' [Image source=Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, evaluated on the 16th that the employment situation showed a clear improvement trend as the number of employed people increased by over one million last month.

Deputy Prime Minister Hong stated through his social media (SNS) immediately after Statistics Korea's announcement of the 'February Employment Trends' on the same day, "For the first time in about 20 years, the number of employed people increased by over one million for two consecutive months," adding, "Especially in February, despite the base effect from the previous year being significantly reduced compared to January, the increase in employment was comparable to that of January."

The number of employed people last month was 27,402,000, an increase of 1,037,000 compared to the same month a year ago. This marks an increase of over one million for two consecutive months following January (1,135,000).

Deputy Prime Minister Hong said, "Employment increased in most industries, centered on the private sector," and added, "Employment in the public and quasi-public sectors such as public administration and health and welfare also increased, continuing to serve as a support pillar for private sector jobs."

He also diagnosed, "In terms of the quality of employment, the increase centered on full-time and regular workers continues," and "By employment status, regular workers have increased by more than 600,000 for five consecutive months, driving the overall employment increase, while self-employed persons with employees, who had difficulties due to COVID-19, have also increased for three consecutive months, continuing the recovery trend."

However, Deputy Prime Minister Hong urged caution, stating, "There are some effects from the temporary expansion of quarantine personnel needs in February and the full-scale implementation of government job projects, and difficulties persist in COVID-19-affected industries and groups such as retail and daily workers, so it is necessary to carefully monitor the employment market situation going forward."

He added, "We will closely examine the impact of the recent spread of COVID-19 and the Ukraine situation on the employment market and continue to strengthen policy efforts to support and expand private sector job creation."

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