Employment Insurance Subscribers Increased by 550,000 in One Year
Manufacturing Growth Continues... Impact of Domestic Demand Improvement and Export Boom
The number of employment insurance subscribers increased across all industries compared to a year ago, driven by improvements in domestic demand and strong exports. Subscribers in the accommodation and food service industry, which was severely impacted by the spread of COVID-19, also continued to rise for two consecutive months.
According to the "January Labor Market Trends" released by the Ministry of Employment and Labor on the 14th, the number of regular employment insurance subscribers reached 14,401,000, an increase of 548,000 (4.0%) compared to the same month last year. The ministry explained, "Despite the spread of COVID-19, it is judged that the labor market improvement is becoming visible."
With continued growth in manufacturing and ongoing improvements in face-to-face service industries, subscribers increased in all sectors.
By industry, manufacturing subscribers numbered 3,642,000, up 88,000 from the previous year, marking 13 consecutive months of growth since January last year. Due to improvements in domestic demand and strong exports, employment insurance subscribers increased in most sectors such as electronics and telecommunications, food products, and electrical equipment.
The number of service industry subscribers was 9,859,000, an increase of 426,000 compared to the previous year. Employment insurance subscribers in accommodation and food services reached 664,000, up 37,000 from a year ago. The increase was amplified by a rise in domestic travel and base effects, but the number of subscribers remains lower than in January 2020, indicating ongoing difficulties. Subscribers in the transportation industry numbered 642,000, up 11,000 from a year ago. Employment insurance subscribers in transportation returned to an increasing trend in December last year, after 19 months.
Looking at changes in employment insurance subscribers by age group compared to the same month last year, those aged '29 and under' increased by 83,000, '30s' by 19,000, '40s' by 56,000, '50s' by 157,000, and '60 and over' by 233,000.
The number of recipients of unemployment benefits paid from the employment insurance fund to support job seekers' activities was 601,000, a decrease of 68,000 (10.2%) compared to the same month last year. The benefit amount was 881.4 billion KRW, down 78.8 billion KRW (8.2%).
The number of new unemployment benefit applicants last month was 187,000, a decrease of 25,000 (11.8%) compared to the same month last year. The benefit amount per payment, which is the amount received when unemployment benefits are paid once to a recipient, was approximately 1.28 million KRW, a 2.6% decrease compared to the same month last year.
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