"Preventing the Outflow of Young Workforce in Gyeongnam" ... Changwon Chamber of Commerce and Industry Announces 2020 Employment Trends

Trend of Decreasing Number of Manufacturing Workers Mainly Among 20s and 30s Youth
Sharp Increase in Total Retirees and Unemployment Benefits Due to Involuntary Resignations
Rapid Growth of Employment Retention Subsidies Mainly in Manufacturing Sect

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Sharon] The Changwon Chamber of Commerce and Industry conducted and announced the "2020 Gyeongsangnam-do Employment Trends" based on the Employment Insurance DB from the Employment Information Service.

The number of regular workers (hereafter workers) enrolled in employment insurance in the Gyeongnam region was 781,408, an increase of 1,566 compared to the previous year. However, the number of manufacturing workers decreased, mainly among young people in their 20s and 30s.

The number of manufacturing workers decreased by 2.4% compared to the previous year, totaling 326,844. Major industries include transportation equipment, machinery equipment, fabricated metal products, automobiles and trailers, excluding electrical equipment and electronic parts manufacturing workers.

The industries with an increase in the total number of workers were healthcare and social welfare, wholesale and retail, professional and scientific technology, real estate, accommodation, food service, and education sectors.

At the end of 2020, the number of workers by age group decreased compared to the previous year: 20s at 26,310 (-0.1%), 30s at 168,340 (-4.7%), and 40s at 211,167 (-0.4%). Meanwhile, the 50s increased to 195,051 (+2.1%) and the 60s to 106,917 (+9.6%), showing a decline in the youth population and an increasing trend among middle-aged and older workers.

Regarding employment and retirement of workers, as of the fourth quarter of last year, the number of employed workers was 91,306, a 1.8% decrease, while the number of retirees increased by 11.1%.

The number and amount of unemployment benefits paid also increased significantly compared to the previous year. The number of unemployment benefit recipients rose by 43.7% to 59,726, and the payment amount increased by 57.8% to 202.39 billion KRW.

Employment stabilization support funds also increased sharply. The number of supported individuals increased by 252.2% compared to the previous year to 60,055, and the payment amount rose by 197.7% to 51.09 billion KRW.

A representative from the Changwon Chamber of Commerce and Industry stated, "The number of retirees and demand for unemployment benefits increased significantly, and the demand for support to maintain employment also grew substantially," interpreting that the Gyeongnam employment market was concentrated in the second half of the year due to the economic activity and production contraction caused by COVID-19.

Additionally, they added, "Since 2018, the number of workers in their 50s has exceeded those in their 30s, and this gap has widened this year, so efforts to prevent the outflow of young talent within the region should be made together."