EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Sunday, March 26, 2023
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

EDITIONS:

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm asncommerce mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

South Korea aims to create 1.56 million jobs in public sector

by moneycompass
May 14, 2020
in Global Market News
South Korea
Share on FacebookShare on WhatsApp

SEJONG, 14 May 2020 – South Korea aims to create 1.56 million jobs in the public sector, Finance Minister Hong Nam-ki said today, as the nation’s economy suffered its sharpest job losses in 21 years over the COVID-19 pandemic.

Hong said the government will soon draw up plans to mitigate the impact of the virus on the job market, Yonhap News Agency reported.

About one million jobs in the public sector have not been opened due to social distancing rules, but the government will soon open such jobs by easing some rules, Hong said.

The government will also encourage public firms to create some 550,000 jobs for young people, Hong said.

Yesterday, South Korea reported the sharpest drop in its April employment since 1999 as the pandemic hammered job markets.

The number of employed people in South Korea stood at 26.56 million in April, 476,000 people fewer than a year ago, marking the biggest year-on-year (y-o-y) decline since February 1999.

The labour force participation rate, which refers to the percentage of those who are aged 15 or older and remain in the labour force by either being employed or actively looking for jobs, also fell 1.6 percentage points (ppts) to 62% in April, according to the data compiled by Statistics Korea.

It also marked the sharpest decline since 2000, when the nation’s job markets were crippled in the wake of the Asian financial crisis.

With companies slashing hiring and the virus cutting social activities, economists said the worst had yet to come, heightening the urgency of the government’s efforts to project jobs.

Hong said job losses in the service sector showed signs of spreading to the manufacturing sector in April, though temporary workers were the hardest hit.

The government will also push for a safety net for temporary and freelance workers, Hong said.

South Korea has promised relief packages worth some 240 trillion won (US$197.2 billion or RM847.26 billion) to ease the economic fallout from the virus.

The nation’s economy shrank 1.4% quarter-on-quarter in the first quarter of the year, marking the sharpest quarterly contraction since the last three months of 2008.

Vice Finance Minister Kim Yong-beom told a briefing that the nation’s economy faces a “wartime situation” and the government will make utmost efforts to create jobs.

South Korea’s exports sank 46.3% y-o-y in the first 10 days of May, as the pandemic dampened global demand for Korean goods. Daily average exports during the 10-day period slipped 30.2% y-o-y.

Kim said exports are likely to contract for the time being but may recover as the US and European nations have slowly eased lockdown measures.

However, fears of a new wave of infections and US-China friction are expected to weigh on the nation’s economy, Kim said.

– Bernama

 

Read more: Hong Kong set for deeper economic slump as companies shed jobs

Tags: Covid-19EmploymentLockdownSouth Korea
ShareSendShareSendTweetShare
Previous Post

How Malaysia’s US$60b stimulus can keep its economy growing

Next Post

CIMB brings Raya shopping experience online for customers and local businesses

Related Posts

Global Market News

Kenanga: The Fed’s massive interest rate rise may continue to put pressure on the ringgit

09 Nov 2022
Global Market News

The ringgit opens higher on the prospect of China reopening, as markets rallied

09 Nov 2022
Ringgit/USdollar
Global Market News

Ringgit opens lower versus the US dollar

11 Oct 2022

Discussion about this post

MOST POPULAR

  • online food delivery

    Online food delivery market to see robust growth over next 4 years

    0 shares
    Share 0 Tweet 0
  • Top 10 Financial Tips For Starting A Family

    0 shares
    Share 0 Tweet 0
  • Frost & Sullivan Reveals Top Internet of Things Platforms Poised for Growth

    0 shares
    Share 0 Tweet 0
  • 10 Ways to Curb Overspending

    1 shares
    Share 0 Tweet 0
  • FORTUNE RELEASES ANNUAL FORTUNE GLOBAL 500 LIST

    0 shares
    Share 0 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

Career

SUBSCRIBE FREE NEWSLETTER