Increase in Health and Social Welfare Services
Decrease in Construction, Accommodation, and Food Service Businesses
The number of workers employed by domestic businesses last month increased by only 0.6% compared to the previous month, marking the lowest growth rate in 41 months.
On the 19th, after the five-day Chuseok holiday ended and the routine of commuting resumed, citizens hurried on their way to work at the Gwanghwamun Intersection in Jongno-gu, Seoul. Photo by Jo Yongjun jun21@
According to the "2024 August Business Labor Survey" released by the Ministry of Employment and Labor on the 30th, as of the end of last month, the number of workers employed by businesses with one or more employees was 20,117,000, an increase of 115,000 (0.6%) compared to the same month last year. Since May, the monthly growth rate has been around 0%, and last month recorded the smallest increase in 41 months since March 2021 (an increase of 74,000).
By employment status, the number of regular employees (16,817,000) increased by 49,000 (0.3%) compared to the same month last year. Temporary and daily workers (2,030,000) increased by 39,000 (2.0%), and other workers (1,270,000) increased by 27,000 (2.1%). Other workers include those who receive no fixed salary but earn service fees or sales commissions, or those who work without pay to acquire job skills.
By industry, the number of workers increased in health and social welfare services (87,000, 3.7%), professional, scientific, and technical services (24,000, 1.9%), and finance and insurance (18,000, 2.2%). On the other hand, industries experiencing downturns such as construction (-30,000, -2.0%) and accommodation and food services (-29,000, -2.4%) showed a decline. Manufacturing, which accounts for about 19% of the workforce, saw an increase of 9,000 (0.9%).
By business size, the number of workers in regular businesses with fewer than 300 employees was 16,742,000, an increase of 95,000 (0.6%) compared to the same month last year. Businesses with 300 or more employees also recorded an increase of 20,000 (0.6%), reaching 3,375,000 workers.
The number of new hires last month was 933,000, similar to the same month last year. The number of job changers was 951,000, an increase of 16,000 (1.7%).
Meanwhile, as of July, the average monthly total wage for regular employees in businesses with one or more employees was 4,257,000 KRW per person, a 7.4% increase compared to the previous year. Both regular employees (4,524,000 KRW) and temporary/daily workers (1,911,000 KRW) saw total wages increase by 7.4% and 9.5%, respectively. This was due to an increase in special payments such as wage negotiation settlement payments in the automobile-related industry.
The real wage in July, reflecting the price level, recorded 3,730,000 KRW, an increase of 4.8% (169,000 KRW) compared to the same month last year. After a decline of 0.2% in January, real wages have been on an upward trend since February.
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