One in five unemployed South Koreans has been out of work for more than six months. (Image courtesy of Yonhap)
SEOUL, Oct. 2 (Korea Bizwire) – One in five unemployed South Koreans has been out of work for more than six months, according to recent government data, marking the highest level of long-term unemployment since the aftermath of the 1997-98 Asian financial crisis.
Statistics Korea reported that as of August, the number of long-term unemployed individuals — those jobless for six months or more — reached 113,000, representing 20% of the total unemployed population of 564,000. This proportion has been rising for six consecutive months, surpassing even the levels seen during the COVID-19 pandemic.
While the overall number of unemployed decreased by 1.6% compared to the same month last year, the persistent rise in long-term unemployment presents a complex challenge for the job market.
The data also reveals insights into why some individuals remain unemployed for extended periods. Among those unemployed for over a year, 24.7% cited dissatisfaction with working conditions, including hours and compensation, as their reason for leaving their previous job.
This was the second most common reason after the completion of temporary or seasonal work (26.4%), and the primary reason among those who voluntarily left their positions.
This trend suggests that many job seekers are prolonging their search for employment that meets their expectations regarding work conditions and compensation, contributing to the increased duration of unemployment for a significant portion of the workforce.
M. H. Lee (mhlee@koreabizwire.com)
