Is Job Growth in South Korea at a Record Low in 2024?
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Synopsis
In 2024, South Korea's job market faces an unprecedented slowdown, primarily due to a decline in the construction sector and significant demographic shifts. This article explores the implications of these changes on various age groups and industries, highlighting the critical trends shaping the future of employment in the country.
Key Takeaways
- Job growth in South Korea reached a record low in 2024.
- The construction sector experienced significant job losses.
- Workers in their 50s represent the largest job demographic.
- Age groups in their 20s and 40s saw declines in job opportunities.
- Government-led initiatives contributed to job growth in health and social welfare.
Seoul, Dec 11 (NationPress) In 2024, South Korea witnessed a dramatic decline in job growth, reaching a record low, primarily influenced by a downturn in the construction sector and shifting demographics, as reported on Thursday.
The total number of jobs in the country was recorded at 26.71 million last year, reflecting an increase of only 60,000, or 0.2 percent, from the previous year, according to the Ministry of Data and Statistics, as reported by the Yonhap news agency.
This growth rate and the total number of new jobs represent the lowest figures since the agency commenced data collection in 2016.
Job growth, which had been around 800,000 annually from 2020 to 2022, plummeted to 200,000 in 2023.
The deeper slowdown in the past year was significantly linked to the struggling construction industry, which saw a loss of 60,000 jobs.
Additionally, sectors like finance and insurance, as well as transportation and warehousing, experienced a reduction in job opportunities, while health and social welfare sectors gained 130,000 jobs, thanks to government-led care service initiatives.
Large enterprises cut 80,000 jobs, bringing their total employment to 4.43 million, while small and medium-sized businesses reported 10,000 fewer jobs last year, marking the first decline since record-keeping began.
In terms of age demographics, individuals in their 50s accounted for the largest job share at 6.43 million, making up 24.1 percent of the workforce, followed by those in their 40s with 6.03 million, and 30s with 5.31 million.
Conversely, employment for those in their 20s dropped by 150,000 to 3.28 million in 2024, marking the second consecutive year of decline. The job count for individuals in their 40s also decreased by 170,000.
However, job opportunities surged among individuals in their 60s and those aged 70 and older, with each age group adding 150,000 positions, according to the data.
The agency attributed the job losses among individuals in their 20s to both a population decline in that age group and diminished hiring rates, while the employment dip for those in their 40s was linked to both demographic shifts and the contraction of the construction sector.
Point of View
I emphasize the importance of understanding the underlying factors influencing South Korea's job market. The record-low job growth is a wake-up call for policymakers and businesses alike, highlighting the need for strategic interventions to ensure a robust employment landscape.
NationPress
11/12/2025
Frequently Asked Questions
What caused the record low job growth in South Korea?
The record low job growth in South Korea was mainly due to a slump in the construction sector and demographic changes.
How many jobs were added in 2024?
In 2024, South Korea added only 60,000 new jobs, a mere 0.2 percent increase from the previous year.
Which sectors saw job losses?
The construction sector lost 60,000 jobs, while large companies and small to medium-sized enterprises also reported job reductions.
How did job opportunities change by age group?
Job opportunities fell for individuals in their 20s and 40s, while those in their 60s and 70s saw significant job increases.
What are the implications of this job growth trend?
This trend indicates broader economic challenges and demographic shifts that could impact future employment strategies in South Korea.
