Business Hire Fewest Staff Since 2008 FINANCIAL MELTDOWN
01 September, 2020
The number of new hires at Korean businesses has fallen to the lowest level in 11 years as companies brace for a prolonged coronavirus epidemic.
In line with the Ministry of Employment and Labor on Monday, businesses with at least five staff planned to employ 238,000 personnel in the next and third quarters, down by 13,000 on-year. This is the lowest number because the first quarter of 2009.
But the hiring plans were tallied on April 1 and may have shrunk further since.
Businesses feel very little dependence on additional staff. They hired 793,000 personnel through the first quarter of the year, down by 32,000 on-year.
The ministry attributed the fall to the closure of schools, shutdown of private crammers, decline in tourism and other ramifications of social distancing.
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