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Young people who rest by choice rise 12 % year-over-year

Young people who rest by choice rise 12 % year-over-year

Posted January. 20, 2025 08:16,   

Updated January. 20, 2025 08:16

한국어

It was surveyed that a protracted economic slump coupled with the declaration of martial law and impeachment controversies led to a significant year-on-year increase in young people who neither work nor seek a job, simply taking a break by choice by the end of last year. Furthermore, with the employment crisis continuing, the elderly job market—previously experiencing positive growth—is rapidly shrinking.

As reported by the Korean Statistical Information Service (KOSIS) on Sunday, the number of young people aged 15 to 29 who were economically "inactive" reached 411,000 last December, 12.3 percent up from the previous year's figure of 366,000. The employment market for youth has long been suffering never-ending challenges. Monthly statistics reveal that the inactive youth group has grown for eight consecutive months since last May on a year-on-year basis.

Amidst a prolonged economic downturn and a continuing employment crisis, events such as last year's martial law declaration and the Jeju Air Clash at Muan Airport have eliminated a seasonal market boost, which is also believed to have negatively affected employment indicators reported at the end of last year.

The situation in the elderly job market, which was comparatively stable, has also been worsening. Microdata on the employment trends by the Statistics of Korea shows that the number of people aged 60 and above who gave up on finding a job rose to 106,681 last year, an increase of 18,698 (21.3%) compared to the previous year. This demographic group had been continuously decreasing from 156,377 in 2021 to 87,983 in 2023, with the lessening of COVID-19's impact on the job market and the increase in government job supply for seniors. Still, it started to climb again last year.

Those classified as giving up on job searching are part of the economically inactive population who wish to work and are capable of employment but decide to stop job hunting because they believe they will not find the right positions that meet their criteria, including pay. Among older individuals, the biggest reason for giving up on job hunting was "I previously looked for jobs but ended up with none," according to 41,944 respondents (39.3 percent).


세종=정순구 soon9@donga.com