269:
to have led to a drop in low-paying jobs across many different sectors. Jobs in manufacturing declined by 170,000 jobs in a year. The construction sector lost 19,000 jobs, and the retail sector cut 67,000 jobs. With many companies using the raising minimum wage to cut various traditionally low-paying jobs due to rising costs of labor, the unemployment rate has risen to reflect this concept. Lobby groups representing many small businesses within the country have since made statements saying that they will not accept the raise in minimum wage due to them needing to cut staff jobs in order to make a profit. As of 2021, these effects were gone and the hike in the minimum wage had had no discernible impact on employment.
304:
344:
the early 1980s and mid-2000s, the country's tertiary education rate had increased to five times its original rate. The graduates of top Korean
Universities overwhelmingly hold high-ranking positions within government, business and industry. This devotion to learning, however, skews the unemployment rate as many young adults because technically unemployed due to their decisions to remain in schooling. The hyper-competitive nature of the Korean education system prompts some students to study over 16 hours a day at school, before-school and after-school programs called
380:
workers to be employed if they work more than 18 hours in any given week. The individuals who fall into this 17-hour difference between the two measurements are classified to be within the
Republic of Korea's 'economically inactive' population. When unpaid family workers are included in calculations in accordance with the International Labour Organisation, the unemployment rate decreases by approximately 0.1 percent and the employment rate increases by about 0.4 percent.
33:
1871:
1881:
315:, one of the largest retailers in Korea, has recently built a technologically-driven counter service system, replacing sales staff. The automation of these jobs has driven workers to jobs that are not yet automated, making it extremely competitive to be hired. For jobs that do not require qualifications, such as basic hospitality jobs, there could be one availability for 4500 applicants.
330:, private sector policies, and a lack of women's bargaining power in employee relations emphasized by both State and private policy all contribute to the unemployment rate. In 2010, Korea had the third-lowest gender gap in employment out of 34 OECD countries, with 62.3% of women between the ages of 25 and 65 employed. Economists put this large gap down to traditional
343:
The
Republic of Korea maintains one of the highest rates of educated populations in the world. According to the Organisation for Economic Cooperation and Development (OECD), approximately 70 per-cent of 25-34 year olds in the Republic of Korea have completed some form of tertiary education. Between
278:
Furthermore, there is a critical concern that current labor protection mechanisms do not serve to protect these new types of workers. This, combined with the idea that contracts will end once the task is completed, contributes immensely to the growing unemployment rate at any one time of the survey.
268:
in order to protect workersâ rights. Despite this, a minimum wage was not regulated until 1986. The minimum wage was then raised in 2001 by 16.8%, and again in 2018 by 16.4%, to 7530 won (US$ 7.03) per hour. Most recently, it was raised in
January 2019 to 8350 won (US$ 7.46) per hour. This is argued
387:
The definitions of 'job-seeking' also differ in the
Republic of Korea. Individuals who list 'schooling' or 'higher education attendance' or 'gaining professional qualifications' as a job-seeking activity when considering their employment status would be considered to be "actively job-seeking" under
286:
has suffered from a "technological hollowing out" (기ě ęłľëí) and "technological disconnection (기ě ë¨ě ). "Technological hollowing out" is defined as a situation in which essential parts of a technological creation process are not available inside a home/domestic territory. "Technological disconnection"
242:
had minimal effect on South Korea, with the unemployment rate rising from 3.16 percent to 3.64 percent. From 2008 to 2013, the unemployment rate remained relatively steady, averaging at 3.4 percent. As of
December 2021, the rate was 3.7 percent, in line with the average of the previous two decades.
281:
Outsourcing also involves moving business overseas. The continuous increase of the minimum wage in the
Republic of Korea has prompted firms to relocate their factories overseas to lower-wage rate countries in order to save costs. This is called the "macroeconomic theory of internalization". Korean
379:
A large difference occurs when considering 'unpaid family workers'. In accordance with the
International Labour Organisation standards, unpaid family workers who work more than one hour per week are categorized as employed. However, the official Korean measurement will only consider unpaid family
334:
beliefs continuing to hold strong within Korean society, where the family unit is the most important aspect of one's life. This belief fosters continued gender segregation in the labor force. Combined with a lack of childcare centers, difficulties negotiating wages, and an already-existing gender
277:
Outsourcing is the collection of goods by contract from an outside supplier. At 22% in 2015, the rate of temporary, outsourced contract workers in the
Republic of Korea was double the OECD average. Workers under these systems are also earning 54% of what regular employees earn from similar work.
164:
countries. This remains the case as of 2021. Being Asiaâs fourth-largest economy, the country's booming exports have helped to maintain the unemployment rate very low by the standards of developed countries. There are several measurement differences between the standard of measurement set by the
383:
Under the
International Labour Organisation Standards, individuals who are awaiting an assignment from their companies, are seasonal workers not immediately working or who are in similar situations are considered to be employed depending on the specific company they work for. In the Republic of
233:
Since undergoing rapid economic development in the 1960s, the Republic of Korea's unemployment rate had been consistently low After processes of democratization in the late 1980s, Korea saw a sharp increase in labor participation, and hence a lowered unemployment rate. From the 1980s until the
224:
The âeconomically active populationâ (employed persons + unemployed persons) is over 15. By comparison, the âeconomically inactiveâ population refers to people aged 15 or older who are neither employed nor unemployed during the survey reference period.
1298:
287:
refers to a situation where specific technologies or manpower are available in the domestic territory, however, there is no successor to that information, thus ending the execution of the technological product.
1303:
295:, where workers are paid less for longer hours. As a result of this outsourcing there has been a steady decrease in laboring jobs on the production lines of Samsung and other bigger production companies.
388:
the International Labour Organisation. However, the Republic of Korea defines those individuals as 'economically inactive', with the number amounting to approximately 600,000 individuals.
238:, the unemployment rate averaged approximately 2.3 percent. The 1998 Asian Financial Crisis saw the unemployment rate skyrocket to 7 percent, totaling 1,490,000 people. Comparatively, the
318:
Despite the rapid technological advancements of workplaces in South Korea, In January 2019 it was reported that the ICT sector had gained 94,000 new job openings in that month alone.
1313:
1036:
173:, that contribute to an inflated unemployment rate when compared to other countries that abide more strictly by the standard set by the International Labour Organisation.
986:
99:
364:
countries. The Republic of Korea's 'economically inactive' population is thought to be hiding a large number of individuals that are employed to the standards of the
1067:
1431:
1364:
1318:
1394:
1389:
1333:
1308:
1323:
1448:
1785:
311:
South Korea is at the top of the International Federation of Robotics (IFR)âs robot density list - 631 robots per 10,000 employees. For example,
420:
1379:
1267:
1328:
1455:
1415:
1140:
1135:
634:
528:
1193:
192:, peaking at 4.4 percent. At the end of 2021, the rate was down to 3.7 percent. This was in line with the rate of the previous two decades.
1512:
1338:
979:
199:. The definition of an officially âunemployed personâ used for data collection by the Republic of Korea is a person aged 15 and over who:
218:
The unemployment of the Republic of Korea rate is defined as the percentage of unemployed persons in the economically active population.
1836:
1460:
1384:
1262:
914:
1161:
1100:
326:
A multitude of practices concerning gender inequality has led to a larger unemployment rate of women in the workforce in South Korea.
239:
189:
1595:
1186:
1115:
365:
212:
177:
166:
1052:
1910:
1846:
1443:
1369:
303:
1905:
1705:
1410:
1293:
1120:
1110:
1003:
972:
32:
1760:
1224:
215:(ILO), allowing the unemployment rate in the Republic of Korea to be measured comparably to other countries around the world.
176:
The official measurement of unemployment by the Republic of Korea differs slightly from the international standard set by the
1343:
1125:
1093:
1011:
1805:
1915:
1374:
1166:
1016:
445:
368:, but not the official Korean measurement system. Individuals over the age of 15 who are neither employed nor unemployed,
1720:
1257:
1214:
1841:
1348:
1176:
1031:
235:
1800:
1810:
1088:
1755:
1675:
1851:
1725:
1640:
1535:
327:
1765:
1740:
1655:
1635:
1585:
1555:
1545:
376:
are included in the 'economically inactive' population and do not contribute to the official unemployment rate.
1730:
1700:
1605:
1527:
1505:
1130:
1021:
1795:
1745:
1680:
1670:
1570:
1770:
1685:
1665:
1550:
1815:
1650:
1620:
1580:
1565:
1560:
1540:
887:
497:
113:
1856:
1775:
1735:
1710:
1690:
1625:
1590:
1750:
1715:
1695:
1660:
1630:
1615:
1610:
1481:
1171:
1145:
995:
650:
312:
107:
1600:
1575:
1288:
1209:
1105:
950:
941:
Hwang, Soo Kyeong (2012). "Measurement of Unemployment and Extended Unemployment Indicators in Korea*".
567:
1219:
892:
839:
1825:
1498:
701:
Seguino, Stephanie (December 1997). "Gender wage inequality and exportâled growth in South Korea".
348:(íě). As a result, students that also hold jobs are rare, vastly increasing the unemployment rate.
283:
1880:
585:
Lee, Jong-Woon (2014). "Labour Contracting and Changing Employment Relationships in South Korea".
795:
Rudolf, Robert. "Employment, Well-Being and Gender: Dynamics and Interactions in Emerging Asia".
753:
602:
863:
498:"Korea's Unemployment Insurance in the 1998 Asian Financial Crisis and Adjustments in the 2008"
469:
251:
The Republic of Korea's unemployment rate as of April 2019 is 4.8 percent, or 1,197,000 people
1057:
1026:
718:
630:
1465:
1062:
745:
736:
Kang, Sung-Jin (2015). "Lags and Leads in Life Satisfaction in Korea: When Gender Matters".
710:
679:
594:
357:
196:
170:
205:
2. Had actively sought employment at some time during the previous four weeks
384:
Korea, however, all workers in those situations are considered unemployed (4000 in 2008).
157:
529:"South Korea's jobless rate jumps to 9-year peak as minimum wage hike roils labor market"
814:
674:
188:
In 2018, the unemployment rate in the Republic of Korea hit its highest level since the
1240:
1899:
1874:
1072:
757:
606:
153:
66:
373:
331:
954:
749:
291:
has recently generated a substantial amount of media coverage for outsourcing to
1884:
1272:
771:
571:
221:
Unemployment rate = (unemployed persons / economically active population) x 100
149:
714:
208:
3. Was able to start work immediately during the reference week.
169:
and the official measurement of unemployment in the Republic of Korea, set by
722:
369:
964:
356:
The methods used to measure the Korean unemployment rate, as measured by
139:
1490:
1436:
840:"Education attainment - Population with tertiary education - OECD Data"
288:
61:
598:
1250:
915:"The "Scourge of South Korea": Stress and Suicide in Korean Society"
651:"Samsung says to fix outsourcing issues but keep most production..."
160:, the unemployment rate has been comparatively low compared to most
1245:
302:
292:
372:
who primarily act as caregivers, students attending school, and
361:
211:
This definition is based on the recommended definition from the
161:
1494:
968:
421:"South Korea's 2021 jobless rate falls to lowest since 2017"
202:
1. Had no employment during the reference week
307:
The OECD Youth Unemployment Rate in South Korea, 2001-2016
335:
wage gap, South Korean women are vastly under-employed.
772:"Confucianism | Meaning, History, Beliefs, & Facts"
180:, and this may skew the rate in different directions.
360:, is slightly different to the method used by other
152:
as of December 2021 is 3.7 percent. Since its rapid
1824:
1784:
1526:
1424:
1403:
1357:
1281:
1233:
1202:
1154:
1081:
1045:
1002:
675:"S. Korea's unemployment rate hits 4.5% in January"
134:
124:
106:
92:
87:
77:
72:
60:
52:
44:
21:
627:Economic Catch-Up and Technological Leapfrogging
1068:Korea Minting and Security Printing Corporation
864:"School enrollment, tertiary (% gross) | Data"
1506:
980:
8:
195:Unemployment in South Korea is measured by
1513:
1499:
1491:
987:
973:
965:
797:GĂśttingen Studies in Development Economics
264:In 1953, the Republic of Korea passed the
184:Definition and measurement of unemployment
18:
558:Kim, Jung Min. "Victims of Efficiency".
83:219,155 km (84,616 sq mi)
397:
105:
86:
76:
71:
51:
16:Overview of unemployment in South Korea
1380:Ministry of Trade, Industry and Energy
1268:Korea Financial Investment Association
1416:Korea International Trade Association
936:
934:
932:
930:
888:"How the ´SKY´ universities dominate"
123:
91:
7:
620:
618:
616:
553:
551:
549:
523:
521:
440:
438:
436:
434:
415:
413:
411:
409:
407:
405:
403:
401:
1263:Korea Deposit Insurance Corporation
247:Republic of Korea unemployment rate
703:The Journal of Development Studies
14:
366:International Labour Organisation
213:International Labour Organisation
178:International Labour Organization
167:International Labour Organisation
1879:
1870:
1869:
1370:Ministry of Employment and Labor
31:
1411:Federation of Korean Industries
1365:Ministry of Economy and Finance
1037:South KoreaâJapan trade dispute
339:Preference for higher education
1837:British Indian Ocean Territory
1012:Five-Year Plans of South Korea
1:
1395:Financial Supervisory Service
1390:Financial Services Commission
1375:Ministry of SMEs and Startups
1017:Heavy-Chemical Industry Drive
943:Korean Social Sciences Review
148:The unemployment rate in the
750:10.1080/13545701.2014.967708
625:Lee, Keun (26 August 2016).
240:2008 Global Financial Crisis
1032:1997 Asian financial crisis
560:Far Eastern Economic Review
236:1998 Asian Financial Crisis
23:Unemployment in South Korea
1932:
1225:SouthâNorth Pipeline Korea
815:"Education in South Korea"
1865:
1476:
715:10.1080/00220389708422513
587:Development Policy Review
328:Employment discrimination
28:
1586:East Timor (Timor-Leste)
1022:Miracle on the Han River
1911:Unemployment by country
1847:Cocos (Keeling) Islands
776:Encyclopedia Britannica
352:Measurement differences
313:Lotte Department Stores
229:History and development
190:Global Financial Crisis
53:Official languages
1906:Economy of South Korea
1482:Economy of North Korea
1456:International rankings
1136:Science and technology
996:Economy of South Korea
760:– via Routledge.
308:
1385:Fair Trade Commission
1282:Free Trade Agreements
306:
1916:Labor in South Korea
1761:United Arab Emirates
1521:Unemployment in Asia
1220:Trans-Korea Pipeline
893:Korea JoongAng Daily
260:Economic performance
1788:limited recognition
1358:Government agencies
284:Samsung Electronics
282:technology company
266:Labour Standard Act
1187:Youth unemployment
1116:Financial services
868:data.worldbank.org
738:Feminist Economics
446:"Statistics Korea"
427:. 11 January 2022.
309:
138:South Korean Won (
120:2018 estimate
1893:
1892:
1830:other territories
1488:
1487:
1449:Largest companies
1194:Work-life balance
1027:Four Asian Tigers
636:978-1-78536-792-2
599:10.1111/dpr.12063
322:Gender inequality
150:Republic of Korea
146:
145:
1923:
1883:
1873:
1872:
1842:Christmas Island
1528:Sovereign states
1515:
1508:
1501:
1492:
1058:Hwan (1953â1962)
989:
982:
975:
966:
959:
958:
938:
925:
924:
922:
921:
910:
904:
903:
901:
900:
884:
878:
877:
875:
874:
860:
854:
853:
851:
850:
836:
830:
829:
827:
826:
811:
805:
804:
792:
786:
785:
783:
782:
768:
762:
761:
733:
727:
726:
698:
692:
691:
689:
688:
680:The Korea Herald
671:
665:
664:
662:
661:
647:
641:
640:
629:. Edward Elgar.
622:
611:
610:
582:
576:
575:
555:
544:
543:
541:
540:
525:
516:
515:
513:
511:
502:
494:
488:
487:
485:
483:
477:www.legco.gov.hk
474:
466:
460:
459:
457:
456:
442:
429:
428:
417:
358:Statistics Korea
197:Statistics Korea
171:Statistics Korea
117:
98:51,446,201 (
35:
19:
1931:
1930:
1926:
1925:
1924:
1922:
1921:
1920:
1896:
1895:
1894:
1889:
1861:
1829:
1820:
1801:Northern Cyprus
1787:
1780:
1522:
1519:
1489:
1484:
1472:
1420:
1399:
1353:
1277:
1229:
1198:
1150:
1094:Rice production
1077:
1053:Won (1945â1953)
1041:
998:
993:
963:
962:
940:
939:
928:
919:
917:
912:
911:
907:
898:
896:
886:
885:
881:
872:
870:
862:
861:
857:
848:
846:
838:
837:
833:
824:
822:
813:
812:
808:
794:
793:
789:
780:
778:
770:
769:
765:
735:
734:
730:
700:
699:
695:
686:
684:
673:
672:
668:
659:
657:
649:
648:
644:
637:
624:
623:
614:
584:
583:
579:
557:
556:
547:
538:
536:
527:
526:
519:
509:
507:
500:
496:
495:
491:
481:
479:
472:
468:
467:
463:
454:
452:
444:
443:
432:
419:
418:
399:
394:
354:
341:
324:
301:
275:
262:
257:
249:
231:
186:
158:democratization
127:
111:
95:
94:⢠Estimate
80:
40:
37:
36:
24:
17:
12:
11:
5:
1929:
1927:
1919:
1918:
1913:
1908:
1898:
1897:
1891:
1890:
1888:
1887:
1877:
1866:
1863:
1862:
1860:
1859:
1854:
1849:
1844:
1839:
1833:
1831:
1822:
1821:
1819:
1818:
1813:
1808:
1803:
1798:
1792:
1790:
1782:
1781:
1779:
1778:
1773:
1768:
1763:
1758:
1753:
1748:
1743:
1738:
1733:
1728:
1723:
1718:
1713:
1708:
1703:
1698:
1693:
1688:
1683:
1678:
1673:
1668:
1663:
1658:
1653:
1648:
1643:
1638:
1633:
1628:
1623:
1618:
1613:
1608:
1603:
1598:
1593:
1588:
1583:
1578:
1573:
1568:
1563:
1558:
1553:
1548:
1543:
1538:
1532:
1530:
1524:
1523:
1520:
1518:
1517:
1510:
1503:
1495:
1486:
1485:
1477:
1474:
1473:
1471:
1470:
1469:
1468:
1461:Regions by GDP
1458:
1453:
1452:
1451:
1441:
1440:
1439:
1428:
1426:
1425:Related topics
1422:
1421:
1419:
1418:
1413:
1407:
1405:
1401:
1400:
1398:
1397:
1392:
1387:
1382:
1377:
1372:
1367:
1361:
1359:
1355:
1354:
1352:
1351:
1346:
1341:
1336:
1331:
1326:
1321:
1316:
1314:European Union
1311:
1306:
1301:
1296:
1291:
1285:
1283:
1279:
1278:
1276:
1275:
1270:
1265:
1260:
1255:
1254:
1253:
1248:
1241:Korea Exchange
1237:
1235:
1231:
1230:
1228:
1227:
1222:
1217:
1212:
1206:
1204:
1200:
1199:
1197:
1196:
1191:
1190:
1189:
1179:
1174:
1169:
1167:Labor movement
1164:
1158:
1156:
1152:
1151:
1149:
1148:
1143:
1138:
1133:
1128:
1123:
1118:
1113:
1108:
1103:
1098:
1097:
1096:
1085:
1083:
1079:
1078:
1076:
1075:
1070:
1065:
1060:
1055:
1049:
1047:
1043:
1042:
1040:
1039:
1034:
1029:
1024:
1019:
1014:
1008:
1006:
1000:
999:
994:
992:
991:
984:
977:
969:
961:
960:
926:
905:
879:
855:
831:
806:
787:
763:
728:
709:(2): 102â132.
693:
666:
642:
635:
612:
593:(4): 449â473.
577:
545:
517:
489:
461:
430:
396:
395:
393:
390:
353:
350:
340:
337:
323:
320:
300:
297:
274:
271:
261:
258:
256:
253:
248:
245:
230:
227:
185:
182:
144:
143:
136:
132:
131:
130:3.139 trillion
128:
125:
122:
121:
118:
104:
103:
96:
93:
90:
89:
85:
84:
81:
78:
75:
74:
70:
69:
64:
58:
57:
54:
50:
49:
46:
42:
41:
38:
30:
29:
26:
25:
22:
15:
13:
10:
9:
6:
4:
3:
2:
1928:
1917:
1914:
1912:
1909:
1907:
1904:
1903:
1901:
1886:
1882:
1878:
1876:
1868:
1867:
1864:
1858:
1855:
1853:
1850:
1848:
1845:
1843:
1840:
1838:
1835:
1834:
1832:
1827:
1823:
1817:
1814:
1812:
1811:South Ossetia
1809:
1807:
1804:
1802:
1799:
1797:
1794:
1793:
1791:
1789:
1783:
1777:
1774:
1772:
1769:
1767:
1764:
1762:
1759:
1757:
1754:
1752:
1749:
1747:
1744:
1742:
1739:
1737:
1734:
1732:
1729:
1727:
1724:
1722:
1719:
1717:
1714:
1712:
1709:
1707:
1704:
1702:
1699:
1697:
1694:
1692:
1689:
1687:
1684:
1682:
1679:
1677:
1674:
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79:⢠Total
1885:Asia portal
1786:States with
1706:Philippines
1646:South Korea
1641:North Korea
1536:Afghanistan
1273:Kimchi bond
1089:Agriculture
1063:Won (1962â)
949:: 131â179.
744:: 136â163.
505:www.adb.org
273:Outsourcing
1900:Categories
1766:Uzbekistan
1741:Tajikistan
1656:Kyrgyzstan
1636:Kazakhstan
1556:Bangladesh
1546:Azerbaijan
1339:Other FTAs
1162:Inequality
1101:Automotive
955:1314793469
920:2019-06-06
899:2019-06-06
873:2019-06-06
849:2019-06-06
825:2019-06-06
781:2019-05-16
687:2019-06-06
660:2019-06-06
539:2019-05-13
455:2019-05-15
392:References
374:volunteers
370:housewives
299:Technology
88:Population
62:Demonym(s)
1852:Hong Kong
1806:Palestine
1731:Sri Lanka
1726:Singapore
1606:Indonesia
1479:See also:
1444:Companies
1324:Australia
1304:Indonesia
1131:Retailing
758:153682986
723:0022-0388
607:153984671
572:208247398
566:: 28â30.
332:Confucian
1875:Category
1796:Abkhazia
1746:Thailand
1701:Pakistan
1681:Mongolia
1676:Maldives
1671:Malaysia
1571:Cambodia
1082:Industry
1046:Currency
951:ProQuest
568:ProQuest
135:Currency
1771:Vietnam
1686:Myanmar
1666:Lebanon
1596:Georgia
1551:Bahrain
1541:Armenia
1437:Chaebol
1344:Exports
1234:Finance
1172:Poverty
1146:Tourism
1126:Markets
1121:Fishing
1111:Defense
1004:History
844:theOECD
654:Reuters
425:Reuters
346:hagwons
289:Samsung
45:Capital
1816:Taiwan
1751:Turkey
1716:Russia
1651:Kuwait
1631:Jordan
1621:Israel
1581:Cyprus
1566:Brunei
1561:Bhutan
1329:Canada
1251:KOSDAQ
1210:Energy
1203:Energy
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255:Causes
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67:Korean
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1857:Macau
1776:Yemen
1736:Syria
1711:Qatar
1691:Nepal
1626:Japan
1601:India
1591:Egypt
1576:China
1466:Seoul
1334:China
1299:India
1289:ASEAN
1258:Banks
1246:KOSPI
1155:Labor
754:S2CID
603:S2CID
501:(PDF)
473:(PDF)
470:"e21"
293:China
48:Seoul
1696:Oman
1661:Laos
1616:Iraq
1611:Iran
1309:Peru
1294:EFTA
1106:Film
819:WENR
719:ISSN
631:ISBN
533:CNBC
512:2024
484:2024
362:OECD
162:OECD
156:and
100:27th
73:Area
39:Flag
1828:and
746:doi
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564:167
140:KRW
114:PPP
108:GDP
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