Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is presiding over the meeting of related ministers (Green Room meeting) at the Government Seoul Office on the 16th, focusing on the main contents of the September employment trends.
[Asia Economy Reporter Kwangho Lee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 16th, "The employment recovery trend over the four months from May to August was interrupted due to the resurgence of the novel coronavirus infection (COVID-19)," adding, "The difficulties of vulnerable employment groups such as youth, temporary and daily workers, and self-employed persons are particularly worsening." However, he noted, "Compared to March and April, the degree of employment contraction is at a better level," and forecasted, "Employment recovery is expected to reappear in October."
On the same day, Deputy Prime Minister Hong held a meeting of related ministers (Green Room Meeting) at the Government Seoul Office, attended by Lee Jae-gap, Minister of Employment and Labor, and Koo Yoon-chul, Director of the Office for Government Policy Coordination, to review the employment market situation based on the main contents of the September employment trends.
The number of employed persons in September decreased by 392,000 compared to the same month last year, expanding the decline compared to the previous month for the first time in five months. The decrease in the number of employed persons compared to the same month last year was 476,000 in April, which narrowed to 274,000 in August. However, the impact of the COVID-19 resurgence from the end of August was reflected, resulting in a larger decrease in employment.
By industry, the decrease in the service sector significantly expanded, while the decline in manufacturing continued. In particular, the decrease in employed persons in accommodation and food services recorded 225,000, which was a larger decline compared to August (-169,000). Wholesale and retail trade also decreased by 207,000, a 5.7% decrease compared to one year ago.
Deputy Prime Minister Hong emphasized, "We will promptly support those suffering from employment deterioration by swiftly executing the 4th supplementary budget projects targeting employment-vulnerable groups such as small business owners' New Hope Fund, emergency employment stabilization subsidies, and special youth job-seeking subsidies," adding, "We will also strengthen efforts to maintain and stabilize jobs, such as extending the support period for employment retention subsidies (by 60 days, from 180 to 240 days)."
He continued, "We will enhance efforts to revitalize domestic demand, including reviewing the resumption of issuing eight major consumption coupons and holding the Korea Sale Festa (November 1?15)."
Furthermore, he stated, "We will expand the employment safety net by amending the 'Employment Insurance Act' to apply employment insurance to special employment workers and preparing for the implementation of the National Employment Support System (from January 2021). In the short term, we will compensate for the decrease in market jobs through the 600,000 fiscal job projects included in the 4th supplementary budget, and in the mid to long term, we will create quality market jobs through the steady promotion of the Korean New Deal."
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