Vice Minister of Economy "Closely Monitoring Employment Risk Factors... Focusing on Creating Quality Jobs Centered on the Private Sector"

Kim Byung-hwan, First Vice Minister of the Ministry of Economy and Finance, stated on the 13th, "To maintain the continuous positive employment trend, we will constantly monitor employment risk factors with caution and focus our policy capabilities on creating high-quality jobs centered on the private sector."

At the opening remarks of the 10th meeting of the joint government ministries' dedicated job task force (TF) held at the Government Complex Seoul on the same day, Vice Minister Kim said, "We will prepare the 3rd plan to resolve vacant jobs and announce it at the Emergency Economic Ministers' Meeting next week."

He evaluated the employment indicators in the September employment trends released that day as maintaining a solid trend. The number of employed persons last month increased by 309,000 compared to the same period last year. As of September, the employment rate (63.2%) recorded an all-time high, and the unemployment rate (2.3%) recorded an all-time low. Vice Minister Kim explained, "From January to August this year, the number of employed persons in their 20s decreased by 91,000 compared to last year, but the population decreased by 99,000," adding, "Excluding this population effect, the number of young employed persons is analyzed to have actually increased."

Kim Byung-hwan, Vice Minister of Strategy and Finance, is making a statement about energy supply and demand, financial markets, and other issues following the outbreak of the Israel-Palestine conflict at the Emergency Economic Vice Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 12th, showing a stern expression. Photo by Jo Yong-jun jun21@

The meeting also discussed the status and response directions of female employment. He analyzed, "Looking at recent female employment, the employment rate of unmarried women has increased, and unlike before, the employment rates of married women and women with children have also increased, driving the positive employment trend." He added, "The so-called 'M-curve phenomenon,' where the female employment rate, which was high in their 20s, declines in their 30s and then rebounds due to increased employment rates of women during childbirth and childcare periods, is steadily easing."

Vice Minister Kim stated, "Since structural issues such as career interruptions for women still persist, the government plans to actively expand support for balancing work and childcare, including the introduction of the 6+6 parental leave system and the extension of reduced working hours periods, to ensure that the increase in female employment rates can be maintained steadily in the future."

He said, "The stable flow of the employment market will continue," but added, "We will carefully monitor domestic and international uncertainties and risks such as increased fluctuations in oil prices and prolonged high interest rates."

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