South Korea Speeds Youth Jobs Plan After 40,000 Employment Drop and 2.4-Point Youth Rate Fall
Updated
Updated · asiae.co.kr · Jun 28
South Korea Speeds Youth Jobs Plan After 40,000 Employment Drop and 2.4-Point Youth Rate Fall
2 articles · Updated · asiae.co.kr · Jun 28
Summary
South Korea is fast-tracking a tentative Youth Job Recovery Plan after total employment fell by 40,000 in May from a year earlier, the first annual decline since December 2024.
The downturn was driven by heavy losses in core sectors: manufacturing shed 140,000 jobs, agriculture, forestry and fisheries 121,000, and construction 43,000, pulling the overall employment rate down 0.5 point.
Young workers were hit harder, with the youth employment rate dropping to 43.8% from 46.2% and the youth unemployment rate rising to 7.2% from 6.6% as firms favored experienced hires amid industrial restructuring.
The government plans weekly job task-force meetings, sector-specific support for weak industries, and faster rollout of existing programs including K-New Deal Academy and public recruitment of 5,500 workers in July and 4,000 in September.
It also plans AI-focused training and incentives for companies to hire younger workers, signaling a broader push to stabilize a labor market now contracting across major job-creating industries.