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Korea Herald
7 days ago
- Business
- Korea Herald
Record-high number of 20-somethings 'just rested' in July: report
Youth employment remains sluggish, despite growth in overall job market The number of young Koreans out of the job market for no particular reason was over 420,000 to mark the highest figure ever for July, in spite of the continued upward trend in employment over the past months. While the employment rate for those aged 15 and older inched up to 63.4 percent -- the highest figure ever for July -- the employment rate for the 15-29 group decreased by 0.7 percent compared to a year before to 45.8 percent, a report compiled by Statistics Korea showed Tuesday. A total of 421,000 Koreans in their 20s were categorized as having "rested," which is the highest number since the government began tallying this category in 2003. Statistically, the category of rested refers to those who did not work or look for a job with no particular reason, such as child-rearing, academic study, housework, old age or physical incapacity. The number was particularly notable among 20-somethings and the 50-59 group, the latter marking 409,000. Only 60-somethings had a higher number of those who just rested (1.157 million), which is expected since the legal retirement age in Korea is 60. "There is a trend of an increasing number of the youth population, which had previously been categorized as being committed to child-rearing or housework, being tallied as having rested," an official of the agency said in a press briefing. A total of 2.58 million across the country said they just rested, out of the 16 million "economically inactive population" that refers to those without a job or the intent to work. The increasing average age of workers at Korean companies has been an ongoing trend here, with a recent survey by job-search platform Saramin showing that 32.3 percent of companies with hiring plans for the second half say they will only hire experienced workers. The number of young workers has been on the decline, with a July report by CEO Score showing that only 21 percent of all workers at major firms here are in their 20s. Jobs added in July, but employment remains sluggish for some sectors In total, 29.02 million people across the country were employed in July, an increase of 171,000 compared to the same month last year. The employment rate for those aged 15-64 years old -- the standard categorization for the Organization for Economic Cooperation and Development -- was 70.2 percent, a 0.4 percent increase compared to July 2024. The unemployment rate -- which refers to the jobless rate among the economically active population, or those who have or are looking for a job -- was 2.4 percent for the overall population, but 5.5 percent for those aged 15-29. The overall unemployment rate decreased slightly by 0.1 percent on-year, but the figure for the youth group was the same in July 2024. The number of workers increased among those in their 30s and 60 and older, but dipped among those in their 20s, 40s and 50s. The employment rate increased for 40-somethings, however, which officials said was due to an overall decline in the population of that age group. Korea's employment has increased each month this year, since the country saw a net loss of 52,000 jobs in December last year. The monthly surge compared to the previous year had relatively slowed in July, with an increase of 171,000 new positions compared to the same month as in 2024. The construction and manufacturing sectors both logged a net increase for July, for the 15th and 13th consecutive month, respectively. The construction sector shed 92,000 jobs compared to the previous year, while the manufacturing sector lost 78,000 jobs in the same period. The agriculture, forestry and fisheries sector saw the most significant job loss, dipping by 127,000 jobs in the year.
Korea Herald
26-06-2025
- Business
- Korea Herald
'It's harder to get a job' says 83% of surveyed job seekers
More than 8 out of 10 potential employees feel it has become harder to land a job in the first half of this year compared to before, a survey by a recruitment platform showed Thursday. Saramin conducted the survey on 801 people seeking a workplace, which showed that 83.1 percent of the respondents said "the difficulty finding a job has worsened compared to last year." Another 14.9 percent said it was similar to before, and the remaining 2 percent said it had gotten easier. When asked why the job market has worsened or stayed bad (multiple answers possible), 55.5 percent said it was because the corporations are posting fewer employment notifications, followed by lack of decent jobs (35.4 percent) and high competition for jobs (34.1 percent). In terms of the measures taken to addressed this issue, 47.8 percent picked lowering expectations for jobs, 42.5 percent said they are applying more frequently, and 25.1 percent said they are hunting for any jobs available. The surveyed people were pessimistic about the country's job market in the second half, as 38.4 percent said the situation would get worse, 48.9 percent said it would be about the same, and only 12.7 percent predicting the situation will get better. When asked on reasons for the strained job market, 53.5 percent cited the difficulties faced by businesses, while 45.8 percent blamed expected failure to boost domestic demands. Some 34.9 percent said the uncertainties in the glocal economy, including tariff tensions, will affect their job-seeking prospects. About 74.9 percent said economic growth is essential to address the problems in the job market, while 45.7 percent called for effective government policies. A recent government report indicated that the problems for job-seekers is expected to continue for the immediate future. A Ministry of Employment and Labor report revealed Thursday showed that the companies across the country are expected to hire 9.7 percent less people in the second and third quarter of this year, compared to the same period in 2024. The Labor Ministry report showed that the local firms' were short-handed by 469,000 employees in the first quarter compared to the number of employees they needed for "normal operation" in terms of factors like running its manufacturing facility and responding to the market's demand. The report's findings indicate that the Korean companies have generally been running short-handed in the Q1, but does not plan to substantially increase their hiring immediately.
Korea Herald
17-06-2025
- Business
- Korea Herald
Can South Korea afford a 4.5-day workweek?
Workers cheer shorter week, but employers warn of hidden costs With President Lee Jae Myung now in office, one of his most eye-catching campaign pledges — introducing a 4.5-day workweek — is facing questions over whether it can really work. For many workers, the proposal is a welcome one. 'I can't even describe how much I hope this happens,' said Kim Ji-eun, a 39-year-old office worker in Seoul. 'Right now, I leave work exhausted every Friday evening and have barely enough time to rest, let alone enjoy life or take care of my kids. Just half a day more would mean a real chance at balance.' Kim's view is widely shared. According to a recent survey by business networking platform Remember, 7 in 10 salaried workers out of more than 11,000 surveyed said they would prefer a four-day workweek. In a different survey by Saramin, 86.7 percent of employees said they prefer a four-day workweek, and of those more than 60 percent said they would take the shorter hours even if it meant a lower salary. But the reality is more complicated. South Korea is widely known for its grueling work culture. In 2022, South Koreans worked an average of 1,901 hours annually — 149 hours more than the OECD average. The country's job market is also notoriously rigid, largely due to labor laws that make it difficult for employers to dismiss regular workers, contributing to a stark divide between secure, permanent jobs and unstable, non-regular employment. "Shaped by decades of regulations that prioritize employment stability over labor market agility, rigid legal frameworks and cultural norms make it difficult for companies to reward excellence or address underperformance. This makes it risky for businesses to experiment with reduced work hours," Kim Seong-hee, a labor professor at Korea University, told The Korea Herald. At the same time, the country ranks low in terms of labor productivity. According to the Korea Labor Institute, South Korea placed 33rd out of 38 OECD countries in 2023, with hourly productivity at $44.4 — just 57 percent of the United States' output at $77.9 and 65 percent of Germany's. Employers worry that without a significant leap in productivity, a reduced workweek would only add to their burden. 'Some pioneering firms might adopt a four-day or 4.5-day workweek to attract talent,' said Sohn Kyung-shik, chairman of the Korea Employers Federation, at a presidential forum last month. 'But for many companies, this change would be a serious strain.' Mixed signals from labor and business South Korea's largest labor union, the Federation of Korean Trade Unions, has taken the opposite stance. At a press conference in April ahead of the presidential election, the union pushed for the introduction of a four-day workweek. 'Seventeen percent of Korean workers still put in more than 48 hours per week — more than twice the EU average of 7.3 percent,' the group said, citing long work hours as a pressing national issue. Pointing to successful pilot programs in countries like Iceland, France, the UK and the US, the union argues that advances in automation, AI and platform labor models demand an overhaul in how working time is structured. 'If work is changing, then the standard of what we consider acceptable labor hours must also evolve,' the federation stated. If implemented, the 4.5-day week would reduce the legal workweek from 40 to 36 hours. Coupled with another Lee campaign pledge to abolish the fixed-salary overtime system known as the 'inclusive wage system,' business groups say they fear a compounded cost burden. Law firm Lee & Ko warned that just as the adoption of the five-day workweek in 2003 imposed added costs without wage cuts, the proposed shift — especially with inclusive wage reform — could significantly impact corporate operating costs. Still, labor law experts say shorter work hours may be inevitable. 'A reduction in working hours aligns with global trends, and no major political party in Korea is actively opposing the idea,' the firm noted in its report after the election. The firm expects phased implementation alongside flexible work arrangements. Addressing structural gaps The road ahead is not without conditions. Law firm Yulchon emphasized in a recent report that labor productivity must improve first. With Korea's low hourly labor productivity, the firm argued that 'reducing working hours without lowering wages is only socially sustainable if accompanied by productivity growth.' Park, a labor expert at a law firm, advised that companies prepare for the change by adopting practical measures, such as encouraging the use of annual leave, offering more flexible working hours, and updating existing legal frameworks to maximize the use of flexible work arrangements. 'From redesigning work environments and staffing plans to ensuring fair compensation levels, the private sector must begin preparing for structural transformation," Park said. However, labor experts warn that without careful planning, a reduced workweek could exacerbate inequality in Korea's dual labor market — one dominated by secure jobs in big corporations and the public sector, and another filled with low-paid, unstable work in small businesses and services. The service sector's low productivity adds to the challenge. According to the Korea Productivity Center, the value-added productivity per service worker is only 64 percent of the OECD average, while manufacturing productivity exceeds the OECD average — illustrating Korea's dichotomy of 'developed manufacturing, underdeveloped services." This imbalance means shorter workweeks could result in reduced income and job insecurity for the vast majority of workers in the service sector if reforms do not also address deeper structural issues. Experts agree that any meaningful attempt to adopt a 4.5-day workweek must go hand-in-hand with comprehensive labor reform — one that considers the realities of small businesses, non-regular workers and platform-based labor. 'In today's changing work environment, the old formula of 'more hours equal more productivity' doesn't hold up, especially in manufacturing,' said Kwon Hyuk, a labor professor at Korea University. 'What matters now is when and how effectively the work is done.' Kwon warned that implementing a shorter workweek only at large firms or government offices could deepen inequality. 'We need to strengthen the competitiveness of small businesses and fix the labor market's dual structure before we move forward with such a policy,' he said.
Korea Herald
27-05-2025
- Entertainment
- Korea Herald
The best (lesser-known) things about Seoul for solo residents
A city perfect for solo dwellers has karaoke, barbecue joints and watering holes custom-made for a party of one I love to sing, but as a kid, belting out tunes on a karaoke machine usually meant rallying at least one friend to go to the local noraebang (singing room). For a boy who was a bit of a loner, this could be challenging. Then came the 2010s — and with them, a delightful invention: the coin noraebang (pay-per-song karaoke). A sanctuary for solo singers, it offered sweet salvation to those who want to sing their hearts out without the judgmental stares of others. Coin noraebang is just one of many urban pleasures catering to Seoul's growing population of solo dwellers. From one-person barbecue joints to bars and restaurants designed for a party of one, these spaces embrace those who choose to stay in their cocoon of voluntary solitude. And so, Seoul has become a haven for the "honjok," or people like me who choose to do things by themselves. Honjok is a portmanteau of 'hon' from the Korean word 'honja,' meaning alone, and 'jok,' meaning tribe. Movies, music and comics for solo escapes A common perception is that the 2020 outbreak of COVID-19 and the ensuing social distancing forced Koreans to spend more time by themselves, but this is only part of the story. A 2019 survey by the recruitment platform Saramin of 3,635 people showed that 67.7 percent of respondents identified as honjok, particularly 72.6 percent of those in their 20s. Being honjok doesn't mean being a loner, but rather taking the time to do as one pleases. The most popular reasons in the survey for doing things solo were "It's more convenient (72.5 percent)," "I don't have to be interrupted," and "There's no need to be emotionally spent," implying that the stress of social interaction puts pressure on many people. Going to the movies is widely considered an activity for couples, friends and family, but the pestering from the next seat -- "What just happened?" -- can be less than ideal. Local multiplex cinema franchises CGV and Megabox have adopted wide seats throughout their theaters, which have been promoted to one-person viewers. As mentioned, coin noraebang were among the first businesses to actively accommodate honjok, with some open around the clock and at cheaper prices than conventional karaoke. You can sing two or three songs for 1,000 won ($0.70), and most shops accept credit cards and offer time-based payment systems. If you are a fan of comics, comic book cafe chains like Beoltoon and Nolsoop are a great place to relax and read. Both chains operate similarly in that they offer not only a place to read comics but also sell simple dishes like tteokbokki and donkatsu that are of decent quality. Desks and chairs are available, but the preferred option is to hide out in isolated sections with curtains, blankets and cushions. It's actually a great place to kill a few hours or take a quick nap if you're caught between appointments. Grilling and booze, no friends required The popular 90s sitcom "Friends" had an episode in which the young adult character Rachel Green feels some shame and self-consciousness dining by herself. But a growing number of eateries here are offering dishes for solo diners, some installing one-person booths complete with dividers between seats to create partitioned areas for individuals. The founder of franchise eatery Ssaum Eui Gosu (Ssago) said his business started when he realized it was hard for a solo diner to find a place to eat bossam (boiled pork and side dishes). Ssago offers single portions of meat dishes that are more often eaten in groups, including bossam, samgyeopsal and jokbal, and most of its seats are tailored for those visiting alone. Barbecue joints are also typically for group dining, but some allow you to grill away by yourself. Hongo in Haebangchon, Yongsan-gu, takes its name from the Korean for "barbecue by yourself" and provides guests with mini grills in side-by-side seats. Seongsu-dong, known for its trendsetting establishments, has numerous one-person seats where individual diners can grill samgyeopsal and other types of barbecue. Each customer is blocked off from view by dividers, which can be easily removed if you want to sit with a friend. Mangwon-dong in Mapo-gu is another trendy neighborhood, and Chaeg Bar (book bar) is one destination in keeping with the honjok trend. As its name suggests, visitors have the option to pick up a book and read as they sip cocktails, although groups can sit in the "talking area" as well. The bars, eateries and other entertainment venues in Seoul are too numerous to cover in full, but what's certain is that honjok are a rapidly growing customer base, and businesses are attending to the needs of those who prefer to unwind and engage in their favorite activities by themselves.
Korea Herald
22-02-2025
- Business
- Korea Herald
'Responsibility, communication among top qualities sought in new hires'
With new generation of workers, Korean employers prioritize personal qualities over credentials, survey finds A recent survey has revealed that over half of South Korean companies are shifting their focus when evaluating job candidates, placing greater emphasis on personal qualities like responsibility and communication skills, than traditional credentials. According to the survey conducted by job-search platform Saramin, 58 percent of responding companies said the qualities they prioritize when selecting new hires are different from the ones they looked for before the 2020s. The tendency was stronger at large firms, with 70.6 percent of the companies with 300 or more employees saying so. The survey was conducted on 231 companies across South Korea When asked why their standards have changed, 50 percent said it was "because the younger generation of workers have different characteristics than in the past," followed by "in order to respond to a rapidly-changing business environment" (26.9 percent), "due to changes in work methods" (20.1 percent), and "due to changes in social and cultural perception" (18.7 percent). The respondents were allowed to pick multiple answers. "Responsibility," picked by 31.3 percent of the respondents, topped the list of important employee qualities, followed by "communications ability" picked by 30.6 percent. "Positive attitude (26.1 percent)," "adaptability to the organization (23.1 percent)," "Professional expertise (23.1 percent)," "diligence (20.1 percent)" were also among popular qualities. "The 2020s marked the time when the working environment (of Korea) changed due to the (COVID-19) pandemic and digitalization of the office. The introduction of the generation into the workforce also affected spreading of a new working culture," Saramin said. "People who can do their job immediately upon being hired ares more sought after than ever." About 79.7 percent said that they have actually rejected a job applicant who have substantial credentials, but lack the qualities that they were looking for. Conversely, 84 percent of the companies said they hired an applicant who had the right qualities but lacked credentials.
