South Korea's youth employment drops for 37th month

Youth employment in South Korea has declined for 37 straight months, deepening what experts describe as a prolonged hiring freeze. The downturn has now spread to workers in their 30s, with the number of 30-somethings neither seeking nor willing to work hitting a record high for November.

According to the “November Employment Trends” report released Dec. 10 by the National Data Office, the number of employed people aged 15 and older reached 29.046 million last month, up 225,000 from a year earlier. But youth employment fell to 349,100, a drop of 177,000 from the previous year. It marks the 37th consecutive month of decline since November 2022, and the youth employment rate has slipped for 19 months in a row.

The number of people classified as “inactive,” meaning they are not looking for work, climbed to 2.543 million, an increase of 124,000 from a year earlier. Among them, inactive workers in their 30s rose to 314,000, the highest level ever recorded for November. The data indicates growing job insecurity among young adults entering the labor market and starting families, reflected in rising inactivity and unemployment.

In contrast, overall job growth was driven almost entirely by older workers. Employment among those 60 and older increased by 333,000, outpacing the total monthly employment gain.

Concerns are rising that the downturn will worsen without effective intervention. Kim Jung-sik, an economics professor at Yonsei University, said the continued drop in employment among people in their 30s shows companies are cutting back on hiring as business conditions worsen. “Instead of relying on temporary measures such as consumption coupons, policymakers should focus on creating an environment where jobs can last,” he said.


세종=김수현 기자 newsoo@donga.com