Last Year Employment Increased by 327,000... Elderly +360,000, Youth -98,000

December Employment Increased by 285,000... Below 300,000 for Two Consecutive Months

The number of employed people increased by 327,000 compared to the previous year. While employment among those aged 60 and over rose significantly, the number of employed youth actually decreased by 98,000 due to population decline.

On the 10th, Statistics Korea announced in the '2023 Annual Employment Trends' that the number of employed people last year was 28,416,000, an increase of 327,000 from the previous year. This figure aligns with the government's forecast of 320,000 in the economic policy direction for the second half of last year.

Led by Women and Elderly... Youth Employment Down by 98,000

Job seekers participating in the '2023 Gangnam-gu Job Fair' held at the Gangnam Employment and Startup Hub Center in Seoul on the 13th are looking at the recruitment bulletin board. Photo by Jinhyung Kang aymsdream@

This year’s employment market showed strength among women. By gender, the number of employed men increased by only 24,000 compared to the previous year, while women increased by 303,000.

Also, the elderly aged 60 and over led the increase in employment. Looking at the changes in employment by age group compared to the previous year, those aged 60 and over increased by 366,000, those in their 50s by 59,000, and those in their 30s by 54,000.

In particular, among women, 204,000 of the total employment increase of 303,000 were aged 60 and over, accounting for more than two-thirds. Among men, employment among those aged 60 and over also increased by 161,000.

However, those in their 20s, who make up most of the youth group, decreased by 82,000, and those in their 40s, the backbone of the economy, decreased by 54,000.

The total number of employed youth (ages 15?29) decreased by 98,000. This was due to a sharp decline of 177,000 in the youth population during this period.

The overall unemployment rate was 2.7%, down 0.2 percentage points from the previous year, and the youth unemployment rate was 5.9%, down 0.5 percentage points. The employment rate for ages 15?64 (OECD comparison standard) was 69.2%, up 0.7 percentage points from the previous year. The youth employment rate was 46.5%, down 0.1 percentage points from the previous year.

Statistics Korea explained that the simultaneous decline in youth unemployment and employment rates is due to population decline and base effects. Seo Woon-ju, Director of the Social Statistics Bureau, said, "The decrease in the number of employed people was influenced by population decline, and the employment rate reflects a base effect due to the high level in 2022." He added, "Basically, the population is decreasing, and many youth are becoming economically inactive as the proportion of students increases." Economically inactive population refers to those who are neither employed nor unemployed and are excluded from unemployment rate calculations.

Health and Service Sectors Up by 143,000... Self-Employed with Employees Up by 54,000

On the 13th, soldiers participating in the '2023 Second Half Military Personnel Employment Fair' held at Kintex in Goyang, Gyeonggi Province, are looking at the recruitment bulletin board. Photo by Jinhyung Kang aymsdream@

By industry, health and social welfare services increased by 143,000 (5.3%↑), showing the largest growth, followed by accommodation and food services with 114,000 (5.2%↑), and professional, scientific, and technical services with 70,000 (5.4%↑). Meanwhile, manufacturing employment decreased by 43,000 (0.9%↓), wholesale and retail trade by 37,000 (1.1%↓), and real estate by 18,000 (3.3%↓).

By occupation, the number of professionals and related workers increased by 283,000 (4.8%↑), service workers by 196,000 (6.0%↑), and clerical workers by 111,000 (2.3%↑), but elementary workers decreased by 118,000 (2.9%↓), craft and related trades workers by 91,000 (3.8%↓), and sales workers by 60,000 (2.3%↓).

Among wage workers, regular employees increased by 478,000 (3.0%), but daily and temporary workers decreased by 90,000 (8.0%↓) and 61,000 (1.3%↓), respectively. Among non-wage workers, self-employed with employees increased by 54,000 (4.0%), self-employed without employees by 3,000 (0.1%), but unpaid family workers decreased by 56,000 (5.9%↓).

December Employment Increased by 285,000... Below 300,000 for Two Consecutive Months

The number of employed people in December last year was 28,093,000, an increase of 285,000 compared to the same month the previous year. This marks the second consecutive month with employment growth below 300,000 following November last year. The increase in employment peaked at 211,000 in July last year, then expanded to 268,000 in August, 309,000 in September, and 346,000 in October, but fell back to the 200,000 range last month.

By age group, employment increased by 280,000 among those aged 60 and over, 64,000 in their 30s, and 34,000 in their 50s, but decreased by 51,000 in their 20s and 19,000 in their 40s. The employment rate rose among those in their 30s and 40s. The employment rate for ages 15?64 was 69.2%, up 0.7 percentage points compared to the same month last year.