Trends in the August Labor Market Based on Employment Administration Statistics
Subscriber Growth Slows When Excluding 'Employment Permit System Foreigners'
Last month, the number of regular subscribers to employment insurance reached 15,224,000, an increase of 361,000 (2.4%) compared to the same month last year.
On the 11th, the Ministry of Employment and Labor announced the "August Labor Market Trends Based on Employment Administration Statistics," which included this information.
The number of regular subscribers to employment insurance increased in both manufacturing (118,000) and service industries (233,000). In manufacturing, the increase was centered on metal processing, food products, automobiles, and other transportation equipment, with the growth rate expanding for seven consecutive months.
However, excluding the impact of mandatory enrollment of foreign workers under the Employment Permit System, the growth has slowed. The number of foreign workers under the Employment Permit System (E9·H2) enrolled in employment insurance reached 195,000 at the end of August, an increase of 134,000 compared to the same month last year, due to the mandatory application of employment insurance and the expansion of the foreign workforce this year. Excluding this increase, the number of employment insurance subscribers decreased from 241,000 in July to 227,000 in August.
An official from the Ministry of Employment and Labor said, "Since 89.6% of foreign workers under the Employment Permit System are concentrated in manufacturing, their impact on manufacturing subscriber trends is significant," adding, "As the foreign workforce expands in the future, this impact is expected to continue for the time being."
Among the regular subscribers to employment insurance in August, the service industry continued to see growth in health and welfare, accommodation and food services, information and communication, professional scientific technology, and business services. On the other hand, wholesale and retail trade and educational services decreased.
Last month, the number of new job-seeker benefit applicants was 87,000, an increase of 6,000 (7.2%) compared to the same month last year. The increase was mainly in construction (2,700), educational services (1,900), and manufacturing (1,500).
The number of job-seeker benefit recipients was 627,000, an increase of 24,000 (4.1%) compared to the same month last year. The payment amount was 1.0481 trillion won, up 61.8 billion won (6.3%), and the payment amount per person was 1.67 million won, an increase of 35,000 won (2.1%).
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