Unemployed numbers hit 19-year high in Korea

In a struggling job market, the unemployment levels have deteriorated to their worst since the Asian financial crisis of 1997.
By: | October 10, 2018

 

Data compiled by the Korea Employment Information Service showed that the country’s unemployment rate has sunk to its worst levels in nearly two decades.

From January to August this year, unemployment numbers averaged 1.129 million per month – up 45,000 from last year.

The figure is the highest since June 1999. It is also the worst since the aftermath of the Asian financial crisis of the late 1990s.

As the number of unemployed rises, the unemployment benefits given as a result have also hit the highest levels ever at KRW4.51 trillion (SG$5.5 billion), according to the data.

Some KRW970.5 billion in benefits was disbursed¬†in the January to August period to those working in manufacturing — 21.5% of the total.

Experts believe that if the current unemployment trend continues, government subsidies for the unemployed for the entire 2018 may reach KRW6.77 trillion.