It has been reported that as many as four million, the highest figure in history, who are economically inactive currently not on the payroll nor seeking any job aspire to return to work within a year. As of August, 870,000 people were preparing for employment while taking classes at cram schools, etc.
Statistics Korea on Thursday announced a supplementary report on those self-employed and economically inactive that 3.99 million and 4,000 economically inactive intend to start a business or get a job within the upcoming one year. The figure is an increase of 87,000 from a year ago, the highest since the report was first published in 2016. As many as half those economically inactive in their 20s want to open a business or be employed within one year, according to the report.
Most of the respondents in question – 93.7 percent – prefer to get a job to starting a business. Seventy two percent hope to work to cover their living costs or personal allowances. The most preferred monthly average pay has turned out to be somewhere between two million won and four million won (41.8 percent). Most of respondents aspire to engage in business operation, individual business and public services (57.1 percent), followed by wholesales, retail, food service and lodging business (15.6 percent).
The economically inactive population signifies all persons who are neither "employed" nor "unemployed” among those aged 15 and above. As of August, the total number of economically inactive persons decreased by 106,000 year-on-year to 16.75 million and 8,000, which may be explained by the fact that those employed or job seekers considered unemployed increased in numbers with the shock from COVID-19 on the job market lessened.
Ae-Jin Ju email@example.com