S. Korea adds 153,000 wage jobs in Q4, but youth employment declines
South Korea added 153,000 wage jobs in the fourth quarter of 2024 from a year earlier, though job growth slowed and youth employment continued to decline, government data showed Wednesday, Yonhap reports.
The number of paid employee positions stood at 20.9 million as of November 2024, according to the data from Statistics Korea.
Wage job growth has continued on a downward trend, with the fourth-quarter gain sharply lower than the 246,000 jobs added in the previous quarter.
The modest increase was mainly driven by employment growth in the health and social welfare sectors, as well as in associations, repairs and personal services.
A significant share of new positions was taken by older workers, reflecting the country's aging population.
By age group, the number of jobs for people in their 20s and younger dropped by 148,000, or 4.7 percent, to 2.98 million. Employment for those in their 40s also declined, falling by 84,000 to 4.72 million.
In contrast, employment among senior citizens saw strong gains. The number of paid jobs for those in their 60s and older rose by 248,000 to 3.87 million, while those in their 50s and 30s saw increases of 70,000 and 67,000, respectively.
By industry, the health and social welfare sector recorded the largest increase with 140,000 additional wage jobs from a year earlier. The construction sector, however, lost 51,000 jobs, reflecting the ongoing slowdown in the industry.
As reported previously, South Korea's economy faces 'increasing' downward pressure on weak exports, sluggish consumption.