Jobs for Those in Their 20s and Younger Drop by 168,000
Record Decline Also Seen Among Those in Their 40s
In the first quarter of this year, the number of wage jobs increased by only 15,000 compared to the same period last year. This marks the smallest increase since related statistics began to be compiled. In the construction sector, more than 150,000 jobs disappeared, and the manufacturing sector saw a decline in jobs for the first time in four years. The decrease in jobs for those in their 20s and younger, as well as those in their 40s, was the largest on record.
Job seekers visiting the Gangnam-gu Job Fair held last June at COEX in Gangnam-gu, Seoul, are checking the job posting board.
According to the "Wage Job Trends for the First Quarter of 2025 (as of February)" released by Statistics Korea on August 26, the total number of wage jobs in the first quarter was 20,536,000, an increase of 15,000 compared to the same period last year. This is the smallest increase since these statistics began in 2018. The pace of job growth has continued to slow since the first quarter of 2022.
By industry, jobs increased in health and social welfare (109,000), associations, repair, and personal services (25,000), and professional, scientific, and technical services (24,000). In contrast, jobs declined in construction (-154,000), manufacturing (-12,000), and information and communications (-12,000). A Statistics Korea official explained, "The main factor behind the reduced growth in wage jobs during the first quarter was the construction sector."
In fact, the construction sector recorded its largest decline since statistics began in 2018. Due to sluggish market conditions, it has experienced negative growth for six consecutive quarters. The manufacturing sector saw a decline in jobs for the first time since the first quarter of 2021 (-28,000). Manufacturing, which accounts for the largest share of jobs, saw decreases in electronic components (-7,000), structural metal products (-5,000), and other fabricated metal products (-3,000).
By age group, jobs decreased among those in their 20s and younger (-168,000) and those in their 40s (-100,000). In contrast, jobs increased among those aged 60 and older (197,000), those in their 30s (64,000), and those in their 50s (21,000). For those in their 20s and younger and those in their 40s, the decline was the largest since related statistics began in 2018. For those in their 20s and younger, in particular, the decline in jobs was pronounced in wholesale and retail (-24,000), construction (-24,000), and information and communications (-21,000).
A Statistics Korea official stated, "The decline in jobs among those in their 20s and younger and those in their 40s continues because not only is the population in these age groups shrinking, but the industries in which they are employed are also contracting." The official added, "For those in their 20s and younger, the largest declines were seen in wholesale and retail, construction, and information and communications. For those in their 40s, the largest declines occurred in construction, manufacturing, and wholesale and retail."
In the first quarter, the number of continuing jobs held by the same worker as in the previous year was 15,070,000 (73.4%). Jobs that were replaced due to retirement or job change accounted for 3,254,000 (15.8%). Newly created jobs due to company formation or business expansion totaled 2,212,000 (10.8%), while jobs that disappeared due to company closures or business downsizing amounted to 2,197,000.
A job refers to an employment position occupied by a worker and is different from the number of employed persons. For example, if one person works at a company during the week and teaches at an academy on weekends, they count as one employed person but hold multiple jobs.
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