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South Korea’s employment rate ranks 21st out of 35 OECD countries: Report

December 28, 2017 by John Corder

지난해 한국 고용율 66.1%… OECD 35개국 중 21번째
The last several years have been a difficult time for Koreans to find work,… dogged by a stubbornly high unemployment rate and stagnant wage growth.
A new report has laid the problems bare,… painting a relatively grim picture of the country’s employment market.
Park Soyun reports.
2017 has been a grind for South Koreans looking for work,…especially younger Koreans… with the youth unemployment rate hovering at an all-time high.
And a new report doesn’t paint a pretty picture either.
A new OECD report,.. released by Korea’s Ministry of Employment and Labor on Thursday,… shows South Korea’s employment rate ranks at a lowly 21st out of 35 OECD countries.
The employment rate in 2015 was 66-point-one percent among people between 15 to 64 years of age.
Annual work hours for South Koreans were also the second highest at 2,071 hours, trailing only Mexico.
The labor income share ranked 23rd out of the 35 OECD countries at 64-percent.
The report forecasts that the number of young, middle-aged, and elderly workers will all decrease as the country ages amid the chronically-low birthrate.
In terms of gender, there was a higher number of women in the working age population than men, and this trend is expected to continue.
The employment rate of young people between the ages of 15 and 29 has been declining in the past,… but has started to show a slight increase since 2013.
The employment rate of people over 50 has steadily increased since 2003, but the number of recently employed is slowing down.
Experts say the data shows South Korea still has a long way to go in improving working conditions, which are among the harshest in the OECD.
Park Soyun, Arirang News.

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