Jobs Dwindle for 6th Month Running
10 September, 2020
Employment has fallen for a sixth month running because of the coronavirus crisis.
The government has generated more than 300,000 momentary low-paying jobs monthly for the over-60s, but even that's not enough to massage the figures into optimistic territory.
According to Statistics Korea on Wednesday, the full total number of employed personnel stood at 20.79 million in August, down 274,000 on-year. Subtract the sinecures for the elderly and the decline is even steeper.
The economically inactive population, meaning persons who for just one reason or another aren't even looking for work, stood at a staggering 18.68 million in August.
The figures are particularly alarming for younger workers. New jobs for folks in their 20s fell by 130,900, among those in their 30s by an impressive 230,000, and among 40-something by 182,000. It only rose for the over-60s, by 384,000, because of the government program.
Non-regular employees have borne the brunt of the coronavirus lockdown. As the number of regular personnel increased by 282,000 in August, that of temporary staff with contracts for under a year dropped by 318,000, and the ones with contracts for less than per month by 78,000.
Meanwhile, smaller businesses with staff dwindled by 172,000 while people that have no staff increased by 66,000, suggesting that lots of mom-and-pop businesses had to let their employees go.
The data will not yet reflect the impact of the most recent lockdown.
There are other statistical sticking plasters. Prof. Kim Tae-ki of Dankook University said, "The government has raised the retirement, which means that persons in their 60s remain counted as economically active."
"The government should provide vocational training for the elderly rather than creating mere menial jobs for them along with working to improve employment market for teenagers," he added.
Source:
TAG(s):