South Korean firms created 310,000 new jobs in 2017

In 2017, about 310,000 additional jobs were added at South Korean firms. Some 170,000 of these jobs were created in companies with more than 300 employees.

Data from Statistics Korea shows that the number was the same as the 310,000 jobs generated in the preceding year

About a third of the total new jobs in 2017 were created in the following sectors: construction, health, and social welfare services.

However, the manufacturing sector cut 70,000 jobs in the same year. This is a cause for concern for South Korea, the fourth biggest economy in Asia, because it relies heavily on manufacturing.

Small businesses have also struggled, with 350,000 positions terminated at firms with one to four employees.