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Job market woes deepen in Korea
Posted : 2021-02-10 16:04
By Lee Kyung-min
Korea shed 982,000 jobs in January following social distancing measures that were strengthened on Dec. 8 due to a third wave of COVID-19 infections, continuing a rapid decline in jobs seen over the previous 11 months.
Data from Statistics Korea showed Wednesday that the year-on-year decline of nearly 1 million jobs amid the pandemic was the sharpest drop, comparable to 1.27 million lost in December 1998 in the aftermath of the Asian financial crisis.
Employment data in the forthcoming months is not expected to show a dramatic recovery since small- and medium-sized enterprises (SMEs) remained shut for the final two months of 2020 and have barely resumed operation in January.
By Lee Kyung-min
A legislative move to set up the legal groundwork to protect small- and medium-sized enterprises hit by the COVID-19 pandemic is becoming politicized ahead of April mayoral by-elections, with the issue emerging as a major source of discord among top policymakers.
Presidential hopefuls as well as many other politicians are arguing for the highly populist policy in an apparent vote-seeking attempt, whereas the issue has become more of a short-lived power struggle defined by the prime minister overpowering the finance and vice finance ministers.
Experts say clearly targeted support for those companies that have experienced a drop in sales would be far better than across-the-board financial assistance, adding the expected budget shortfall can be filled by drastically removing spending plans allocated for repetitive, ineffective state-run projects.
South Korea drums up measures to revive consumption, create jobs next year amid pandemic
Posted : 2020-12-17 14:51
Updated : 2020-12-17 15:48
First Vice Minister of Economy and Finance Kim Yong-beom speaks during a press conference about South Korea s economic policy plan for 2021 at Government Complex Sejong on Dec. 14. Yonhap
South Korea s 2021 economic policy plan underscores its commitment to boosting domestic demand and propping up the sluggish job market as the country sets its sights on overcoming economic slumps caused by the new coronavirus outbreak.
The finance ministry unveiled two-pronged approaches in managing the 2021 economic policy plan, under which the country will seek to support fast and strong economic recovery and transform the country into a pacesetting economic power in the post-COVID-19 era.