S Korea reports highest drop in employment since 1999

S Korea reports highest drop in employment since 1999

Agency News

Seoul, May 13 : South Korea has registered the sharpest drop of employment numbers on a year on year basis for the month of April since the year 1999, revealed the latest government data released on Wednesday.

The number of employed people in April dropped by 476,000 compared to April 2019 to reach 26.56 million, which is the biggest year on-year decline for any month since February 1999. There was an overall rise of 5.1 per cent in the total number of economically inactive people in the country to reach 16.99 million in the month of April, this is the highest jump in the number of unemployed people since June 2000, the data revealed. The labour force participation rate also registered a fall of 1.6 percentage points to reach 62 percent in April, confirmed the data compiled by Statistics Korea. Yonhap news agency quoted the Finance Minister Hong Nam-ki describing the slump as "grave," and voiced his apprehension that the workforce could further shrink in the coming months.

He added that the poor outlook of the global economy coupled with the uncertainty related to the containment of the virus made it very difficult to predict how long the job market would fare poorly. The Finance Minister, however, reassured that the government will introduce measures to create more than 550,000 jobs promising to unveil the third extra budget next month that would strive to protect jobs. (UNI)