Half a Million People of Prime Working Age Lose Jobs
17 February, 2020
Half a million employees within their 40s and 50s were let go this past year, a historic high.
Analysis of Statistics Korea data shows that 489,000 persons in the prime of their working life were forced to give up their jobs last year, up a lot more than 20,000 from the prior year and the most since 2014.
They lost their jobs because of company closures, layoffs or early retirement, termination of short-term contracts or business downturn.
The number of folks who became unemployed therefore stood at 187,000 among staff within their 40s and over 300,000 among those within their 50s, up 10,000 and 20,000 from the entire year earlier.
But overall the quantity of folks who lost their jobs involuntarily shrank by 28,000 to at least one 1.44 million, meaning persons in their 40s and 50s constituted the majority of such layoffs.
Liberty Korea Party lawmaker Choo Kyung-ho said "People within their 40s and 50s, who constitute the backbone of our workforce, are facing the worst-ever employment conditions, but the government is only considering creating non permanent jobs for older persons at taxpayers' expense."
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