Seoul, Apr 17: South Korea reported its first year on-year job loss since March 2009 due to the adverse impact of the Covid-19 pandemic, confirmed statistics released by the government on Friday.
The South Korean news agency Yonhap quoted Statistics Korea stating that the far eastern nation lost about 195,000 jobs in March, which is the sharpest monthly decline since May 2009 when 240,000 jobs were lost. The employment rate for those aged between 15 and 29 fell by 0.8 percentage points on-the year on year basis reaching 65.4 percent in March.
The pandemic has, like elsewhere in the world hit hard temporary and daily wage earners as March saw the number of temporary workers reduced by 420,000 claimed the data. Covid-19 pandemic has dealt a harsh blow to both consumer spending and corporate activities, as people have been urged to avoid going out to help curb the spread of the disease. Economists say that the full impact of Covid-19 on the job market would be visible by the second half of the year. (UNI)