More than Half of Last Year's 710,000 Job Increases Were Among the '60 and Older' Population

80,000 Youth Jobs Increased... Most New Jobs in SMEs
2.63 Million 'Disappeared Jobs' Lost Due to Closures and Business Downsizing

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] Although the number of jobs increased by 710,000 compared to the previous year, more than half of the increase was jobs for seniors aged 60 and over. Last year, the number of jobs lost due to companies disappearing or downsizing reached 2.63 million.

According to the '2020 Job Administrative Statistics' released by Statistics Korea on the 7th, the total number of jobs last year was 24.72 million, an increase of 710,000 (2.9%) from the previous year. Among all jobs, wage employment jobs accounted for 20.23 million (81.8%), and non-wage employment jobs accounted for 4.49 million (18.2%). Continuous jobs were 18.65 million (75.4%), new jobs created by company formation or business expansion were 3.33 million (13.5%), and jobs where workers were replaced due to retirement or job change were 2.74 million (11.1%), respectively.

The number of jobs lost last year due to company closures or business downsizing was 2.63 million. By age group, jobs for those aged 60 and over increased by 380,000 (10.7%) compared to the previous year, showing the largest increase. More than half (53.5%) of the total job increase was jobs for seniors aged 60 and over. Jobs for those in their 50s increased by 180,000 (3.2%), and jobs for those in their 40s increased by 100,000 (1.6%), following behind. Jobs for those in their 30s increased by 60,000 (1.1%), and jobs for those in their 20s increased by 20,000 (0.5%), resulting in a total increase of only 80,000 jobs for the entire youth population aged 20-39 compared to the previous year. Jobs for those aged 19 and under decreased by 30,000 (-18.8%) compared to the previous year. The highest share of total jobs was held by those in their 40s (24.7%), followed by those in their 50s (23.7%) and 30s (21.1%). The average age of workers was 46.0 years, up 0.4 years from 45.6 years a year earlier.

Among all jobs last year, men held 14.23 million (57.6%), which was 1.4 times the number of jobs held by women (10.49 million, 42.4%). The difference in job numbers between men and women was not significant among those aged 20 and under, but among those aged 30 and over, the male job share reached 58.6%, widening the gap with women. By length of service, jobs held for 1 year or more but less than 2 years were the most common at 5.51 million (22.3%). Jobs held for less than 1 year (18.1%), 2 years or more but less than 3 years (15.8%), and 3 years or more but less than 5 years (15.4%) followed. Jobs held for 10 years or more but less than 20 years accounted for 9.6%, and jobs held for 20 years or more accounted for 5.1%. The average length of service for all jobs was 5.2 years.

Jobs in large corporations increased by only 60,000 last year, but jobs in small and medium-sized enterprises (SMEs) increased by 450,000. Jobs in non-profit organizations also increased by 190,000. Notably, among the 3.33 million new jobs last year, 2.63 million (79.0%) were supplied by SMEs. The share of jobs provided by SMEs in the total job market was 62.6% (15.47 million).

By company size, jobs in companies with fewer than 50 employees increased by 310,000, showing the largest growth. However, among companies with fewer than 50 employees, those with 1 to 4 employees saw a decrease of 10,000 jobs compared to the previous year. Manufacturing jobs were the most numerous at 4.82 million (19.5%), followed by wholesale and retail trade at 3.17 million (12.8%), health and social welfare services at 2.26 million (9.2%), and construction at 2.03 million (8.2%). Among the lost jobs, wholesale and retail trade accounted for the largest share at 430,000 (16.4%).