"Severe Job Freeze Last Year: Large Companies See Record Loss of 80,000 Jobs"

Job Growth Limited to 60,000 Last Year
Jobs at SMEs Turn Negative for the First Time

Last year, both the increase in the number of jobs and the growth rate reached their lowest levels on record. This was influenced by a decline in jobs in industries such as construction, transportation, and warehousing. For the first time since relevant statistics have been compiled, the number of jobs at small and medium-sized enterprises (SMEs) decreased, and large companies saw a reduction of 80,000 jobs, the largest drop ever recorded.

Job seekers attending the "2025 Win-Win Cooperation Job Fair" held last October at COEX Magok in Gangseo-gu, Seoul, are checking the job postings.

According to the "2024 Job Administration Statistics Results" released by the National Data Agency on December 11, the number of jobs last year was 26.71 million, an increase of 60,000 (0.2%) compared to the previous year. This represents the lowest increase in both absolute numbers and growth rate since these statistics began in 2016. In the 2023 statistics, the job increase (200,000) and growth rate (0.8%) had already set record lows, but those records were broken again in just one year.

A representative from the Data Agency stated, "The poor job statistics last year were influenced by industry factors," adding, "The decrease in jobs in construction, transportation and warehousing, and finance and insurance had the greatest impact." The official further explained, "Jobs at SMEs had been increasing continuously, but this is the first time they have declined. For large companies, the decrease last year was the largest ever recorded."

Among all jobs, those at for-profit companies accounted for 20.87 million (78.1%). Of these, 4.43 million jobs (16.6%) were at large companies, while 16.44 million jobs (61.5%) were at SMEs. Compared to the previous year, large companies lost 80,000 jobs and SMEs lost 10,000 jobs.

By company size, businesses with fewer than 50 employees provided 14.02 million jobs (52.5%). Companies with 300 or more employees accounted for 8.65 million jobs (32.4%), and those with 50 to fewer than 300 employees accounted for 4.05 million jobs (15.1%). Compared to the previous year, companies with 50 to fewer than 300 employees added 90,000 jobs, and those with 300 or more employees added 70,000 jobs, while companies with fewer than 50 employees lost 110,000 jobs.

By industry, manufacturing had the largest number of jobs at 5.18 million (19.4%), followed by wholesale and retail at 3.18 million (11.9%), health and social welfare at 2.77 million (10.4%), and construction at 2.14 million (8.0%). Compared to the previous year, jobs increased in health and social welfare (130,000), manufacturing (50,000), and association, repair, and personal services (40,000), while jobs decreased in construction (-60,000), finance and insurance (-60,000), and transportation and warehousing (-60,000).

By age group, people in their 50s held the most jobs at 6.43 million (24.1%), followed by those in their 40s with 6.03 million (22.6%), those in their 30s with 5.31 million (19.9%), those in their 60s with 4.09 million (15.3%), and those in their 20s with 3.28 million (12.3%). Compared to the previous year, jobs increased among those in their 60s (150,000), those aged 70 and above (150,000), and those in their 50s (60,000), while jobs decreased among those in their 40s (-170,000) and those in their 20s (-150,000).

Of all jobs, 20.89 million (78.2%) were held by the same employees as the previous year, indicating job continuity. Jobs that were replaced due to retirement or job changes totaled 2.99 million (11.2%). New jobs created through company formation or business expansion amounted to 2.83 million (10.6%), while jobs lost due to company closures or business downsizing totaled 2.78 million.

The term "job" refers to a position occupied by a worker and is different from the concept of an "employed person." For example, if someone works at a company during the week and teaches at an academy on weekends, they count as one employed person but hold multiple jobs, which are calculated using a weighting based on days worked.