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Korea Herald
16-07-2025
- Business
- Korea Herald
Young workers in Korean firms keep decreasing: report
1 out of 5 workers at major Korean companies are in their 20s in 2024 as downward trend persists As the average age of South Korea keeps inching up, a report on Wednesday showed that the percentage of workers in their 20s on the payroll of major firms here has dwindled to roughly one out of every five in 2024. According to a report by CEO Score, a local corporate data analysis website, the figure steadily declined from 24.8 percent in 2022 to 22.7 percent in 2023, reaching 21 percent last year. This decrease was mirrored by a consistent rise in the proportion of workers in their 30s, which climbed from 75.2 percent in 2022 to 77.3 percent in 2023, and further to 79 percent in 2024. The findings are based on an analysis of sustainable management reports submitted by 67 of the top 100 South Korean corporations by sales, examining employee numbers and age demographics between 2022 and 2024. Over half of the surveyed firms, 38 companies, or 56.7 percent, logged a decrease in the number of employees in their 20s. The actual number dropped from 291,235 in 2022 to 243,737 in 2024. Conversely, the number of workers in their 30s rose from 880,747 to 915,979 in the same period. Samsung Display marked the most drastic decrease in the share of 20-something workers, dropping from 43.8 percent in 2022 to 28.4 percent in 2024. It was followed by a 37 percent to 24.7 percent drop at SK On, and a 43.9 percent to 35 percent decrease at LG Innotek in the same period. Hanwha Aerospace increased its percentage of workers in their 20s to 15.8 percent in 2024 from 7.5 percent in 2022, as did LX International (14.3 percent to 21 percent) and SK Energy (13.1 percent to 18.4 percent). However, it is worth noting that most companies with significant increases in young workers started with a very low base. Out of the 10 companies that marked the largest increase in 20-something workers, only Hyundai Glovis (23.3 percent in 2024) had a higher percentage than the overall average of 21 percent in 2024. "With the growing uncertainty in the economy, many companies have abolished or increased the regular hiring process for new employees, or switched to hiring on demand. They also tend to prefer workers with some work experience," CEO Score's chief Cho Won-man was quoted as saying. What's behind it Big companies in South Korea hold an annual hiring process for entry-level recruits known as "gongchae,' or "open recruitment," which traditionally serves as the primary gateway for new college graduates entering the workforce. But reports have indicated that the job market for young people in the country has shrunken substantially recently. A December survey by job-search platform Incruit on 707 companies showed that 64.6 percent of them hired recruits fresh out of college, down from 75.4 percent in the same survey in 2021. In a February survey by the Federation of Korean Industries, about 19.8 percent of the top 500 companies in terms of sales said they had no plan for open recruitment in the first half of 2025. Another 41.3 percent said they did not yet have specific plans. There is also the factor that South Korea itself is a rapidly aging nation. Government data in December showed that the country had officially become a "superaged society" as exactly 20 percent of its citizens were at least 65 years old. Another data by the Ministry of Interior and Safety in January showed that the average age of Koreans was 45.3 years as of 2024.
Korea Herald
16-07-2025
- Business
- Korea Herald
Major S. Korean firms reduce number of new young employees
The proportion of employees in their 20s at major South Korean companies has dropped over the past two years, data showed Wednesday, raising concerns about an aging workforce and narrowing job opportunities for young people, data showed Wednesday. According to the data from corporate tracker CEO Score, the share of employees in their 20s at 67 of the country's top 100 firms with disclosed sustainability reports fell from 24.8 percent in 2022 to 21 percent last year. In terms of headcount, the number of workers in their 20s declined from 291,235 to 243,737 during the same period, marking a decrease of 47,498. Samsung Display Co. recorded the largest drop, with the proportion of its 20-something employees falling from 43.8 percent to 28.4 percent over the two years. SK On Co., LG Innotek Co. and Samsung SDI Co. recorded significant drops as well. Among industry leaders, Samsung Electronics Co. saw the share of employees in their 20s fall from 30.8 percent in 2022 to 24.2 percent in 2024. SK hynix Inc. saw a sharper decline, from 29.6 percent to 20.8 percent. In contrast, Hyundai Motor Co. saw an increase in workers in their 20s from 20.8 percent to 21.8 percent, while LG Electronics Inc. also reported an increase from 17 percent to 18 percent. "This trend reflects how companies are increasingly shifting away from large-scale open recruitment and toward hiring practices that favor experienced workers," an official at CEO Score said.
Arabian Post
18-06-2025
- Automotive
- Arabian Post
Powerhouse Chaebols Propel South Korea's Economy to New Heights
A coalition of South Korea's top 100 firms generated an economic contribution of 1,615.2 trillion won in 2024, marking a 3.9 percent rise from the previous year, according to CEO Score data released on 18 June. Samsung Electronics led the charge with a 7 percent increase to 157.5 trillion won, accounting for 9.8 percent of the total haul. This growth reflects an integrated model of wealth distribution across stakeholders—suppliers, workers, government, shareholders and communities. Total sales of these firms reached 2,122.4 trillion won, growing 6.6 percent year-on-year, underlining the deep economic interlinkages driving expansion. Hyundai Motor secured the second position with a contribution of 115.2 trillion won, followed by Kia at 86.6 trillion won, which spectacularly posted the steepest increase thanks to surging supplier payments. Among the top ten contributors were LG Electronics, Hyundai Mobis, GS Caltex, SK Energy, Posco, Samsung C&T and LG Chem. In contrast, LG Energy Solution saw a pronounced drop of 28.3 percent to 19.2 trillion won, weighed down by lower stakeholder payouts. ADVERTISEMENT Industry breakdown highlights that electronics and IT firms contributed about 370 trillion won, followed by petrochemicals at 312 trillion won and the auto sector at 303.5 trillion won. Construction, shipbuilding, steel and distribution made further sizeable additions, reflecting a diverse industrial base. The dominance of chaebol giants—especially Samsung—continues unabated. Samsung and its affiliates, constituting nearly a quarter of national GDP, help drive national innovation and exports. Beyond scale, these conglomerates are embracing strategic shifts. Government figures show a record R&D investment of 83.6 trillion won by South Korean firms, with Samsung alone ploughing 30.2 trillion won into innovation, followed by SK hynix at 4.5 trillion won, Hyundai at 4.3 trillion won, and LG Electronics at 3.4 trillion won. Despite stepping up R&D budgets by 15.3 percent, only 40 domestic firms made the global top 2,000 by R&D outlays, compared to 681 in the US and 524 in China—underscoring scope for further thrust in innovation. Within semiconductors, South Korea continues to hold a dominant global footprint, commanding approximately 60 percent of the DRAM market and 52.6 percent of NAND, led by Samsung and SK hynix. Notably, SK hynix claimed 36 percent of DRAM market share in Q1 2025, overtaking Samsung's 34 percent. This data reveals a dual narrative: chaebol behemoths remain the backbone of the economy, but a growing reliance on innovation and global competitiveness is reshaping the corporate landscape. Hyundai's pivot to electric vehicles, Kia's ramped-up supplier integration and LG's diversification into chemicals and energy solutions are emblematic of this shift. However, concentration risk persists. Samsung and its affiliates form a significant share of GDP and exports, but reliance on a limited set of heavyweights may expose the economy to global headwinds. The comparative lag in R&D-intensive mid-sized firms risks stifling long-term resilience. Nevertheless, public policy is responding. Regulatory tweaks aimed at supporting corporate research and streamlining licensing protocols, alongside financial incentives and infrastructure development, suggest a proactive stance to broaden innovation beyond the chaebol core. As South Korea navigates economic turbulence—from fluctuating global demand to supply chain uncertainties and U.S.–China tech tensions—the measured expansion of stakeholder-driven value and intensification of R&D efforts signal a strategic repositioning.
Korea Herald
18-06-2025
- Business
- Korea Herald
Top 100 firms contribute over W1,600tr to economy in 2024
South Korea's top 100 companies contributed more than 1,600 trillion won ($1.16 trillion) to the national economy in 2024, with Samsung Electronics Co. topping the list for the second consecutive year, a market tracker said Wednesday. Their combined economic contribution reached 1,615.2 trillion won, up 3.9 percent from 1,554.9 trillion won the previous year, according to CEO Score. Samsung Electronics' contribution rose 7 percent on-year to 157.5 trillion won. The 100 companies are among the nation's 500 largest firms by revenue, excluding public enterprises and financial institutions, such as banks, insurers and securities firms. CEO Score defines economic contribution as the total value generated for stakeholders through business operations, including payments to business partners, employees, the government (in the form of taxes), shareholders (dividends), creditors (interest) and society (donations). Total sales by the 100 firms rose 6.6 percent on-year to 2,122.4 trillion won, contributing to the overall increase in their economic contribution to Asia's fourth-largest economy. Hyundai Motor Co. ranked second with a contribution of 115.2 trillion won, up 3.4 percent from a year earlier. Its affiliate Kia Corp. followed with 86.6 trillion won, a 17.2 percent on-year increase. Rounding out the top 10 contributors were LG Electronics Inc., Hyundai Mobis Co., GS Caltex Corp., SK Energy Co., POSCO, Samsung C&T Corp. and LG Chem Ltd. Kia posted the largest on-year increase in economic contribution, mainly due to higher payments to suppliers. In contrast, LG Energy Solution Ltd. recorded the steepest drop, falling 28.3 percent on-year to 19.2 trillion won. (Yonhap)
Korea Herald
14-05-2025
- Business
- Korea Herald
SK hynix named top firm in business evaluation rankings
South Korean chip giant SK hynix Inc. has been ranked the top company in terms of investment and business performance among the country's 268 major companies, a market tracker said Wednesday. SK hynix, the world's second-largest memory chipmaker, received 622.9 points out of the full 800 in a business evaluation that assessed eight categories, including global competitiveness, job creation and social contributions, according to CEO Score. Last year, Hyundai Motor Co. topped the list, while SK hynix failed to break into the top 10 due to a downturn in the semiconductor industry. This year, SK hynix earned high marks for rapid growth, investment and global competitiveness. Its bigger rival, Samsung Electronics Co., came in second with 596 points, followed by Samsung Biologics Co. with 590 points, Kia Corp. 572.7 points and Hyundai Motor 559.5 points. In the January-March period, SK hynix's sales jumped 42 percent on-year to 17.64 trillion won ($12.4 billion), while Samsung Electronics' rose 10 percent to 79.14 trillion won. Other companies in the top 10 included online portal operator Naver Corp., tobacco firm KT&G Corp., biopharmaceutical company Celltrion Inc., Samsung C&T Corp. and Hankook Tire & Technology Co. (Yonhap)
