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THE INVESTOR
January 20, 2018

Economy

Youth employment hits record low in Oct.

  • PUBLISHED :November 21, 2017 - 10:12
  • UPDATED :November 21, 2017 - 10:12
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[THE INVESTOR] Korea’s youth employment hit a record low in October, government data showed on Nov. 21.

The number of employed Koreans aged 15-29 stood at 3.93 million last month, down 52,000 from a year earlier and marked the fifth consecutive month of decline, according to the data from Statistics Korea.

The figure accounted for 14.6 percent of the country’s total employed people at 26.86 million, which was an all-time low percentage.

The portion, which hovered above 30 percent in the 1980s, has been in steady decline due to the country‘s low birthrate and rapid population aging, with the number staying in the 15 percent range since 2011.

The statistical agency attributed the contrasting figures to demographic changes stemming from the nation’s low birthrate and population aging. Also responsible was local firms’ unwillingness to hire youth amid economic uncertainties, it added.

By Alex Lee and newswires (alexlee@heraldcorp.com)



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