SEOUL, Jan. 20 (Korea Bizwire) — A growing share of young South Koreans are stepping away from the labor market altogether, a shift that economists say reflects deeper structural strains in an economy struggling to adapt to technological change and slowing growth. According to a report released Tuesday by the Bank of Korea, the proportion of [...]
SEOUL, Jan. 19 (Korea Bizwire) – Longer job searches and soaring housing costs are placing mounting strain on young South Koreans, deepening concerns that structural weaknesses in the economy could weigh on the country’s long-term growth, the central bank said on Monday. In a report examining the economic conditions of young adults, the Bank of [...]
SEOUL, Oct. 1 (Korea Bizwire) — South Koreans in their 20s have seen the weakest real income growth of any generation over the past decade, according to a new analysis, underscoring concerns over job quality and rising living costs that continue to weigh heavily on the country’s youth. The Korea Economic Association (HanKyungHyup) reported on [...]
SEOUL, Sept. 22 (Korea Bizwire) — South Korea’s largest companies are showing a stronger preference for so-called “experienced freshmen,” or new hires with prior work experience, according to a survey released Sunday by the Korea Economic Research Institute (FKI). The survey, conducted among 121 of the country’s top 500 firms by revenue, found that 28.1 [...]
SEOUL, Sept. 18 (Korea Bizwire) — South Korea’s biggest conglomerates are ramping up hiring in a coordinated move to bolster future growth sectors and answer government calls for job creation, unveiling plans that together run into tens of thousands of new positions. Samsung Group, the country’s largest business empire, said Thursday it will recruit 60,000 [...]
SEOUL, Aug. 11 (Korea Bizwire) — A recent survey reveals that one in three South Korean workers has encountered discrepancies between job advertisements and actual working conditions, commonly referred to as “recruitment fraud.” Conducted by Global Research on behalf of the workplace rights group Workplace Abuse 119, the survey, held from June 1 to June 7, [...]
SEOUL, June 25 (Korea Bizwire) — More than half of recent South Korean college graduates view the private sector’s growing preference for experienced hires as a major obstacle to entering the job market, according to a new report by the Korea Chamber of Commerce and Industry (KCCI). In its analysis of 144,181 job postings listed [...]
SEOUL, June 9 (Korea Bizwire) — South Korea’s labor market showed clear signs of softening last month, with the number of job openings per job seeker hitting its lowest May level since the 1998 IMF crisis, and the growth in employment insurance enrollments falling to a five-year low, government data showed Monday. According to the [...]
SEOUL, June 4 (Korea Bizwire) — The number of employees newly registered for the country’s four major state insurance programs fell to a record low in 2023, marking the second consecutive year of decline, data showed Wednesday. A total of 26.14 million people were registered as employees in 2023, up 0.3 percent, or 88,000 individuals, [...]
SEOUL, May 27 (Korea Bizwire) — South Korea has the highest employment rate among people aged 65 and older across the OECD, but the quality of jobs available to the elderly remains alarmingly low, driven by insufficient pension income and limited opportunities to leverage their lifelong careers. According to a recent report released by the National [...]