S. Korea’s unemployment benefit payments to reach record high in 2025
Unemployment benefit payments are expected to reach a new annual high in 2025, after payouts from January to November surpassed the previous record set in 2021, the South Korean labor ministry reported Monday, Qazinform News Agency cites Yonhap.
In its latest analysis of labor market trends, the ministry said the government disbursed 792 billion won (US$539 million) in unemployment benefits in November. The figure marks a 6 percent decrease from the same month last year and the first time since January that monthly payments fell below 1 trillion won.
From February to October, unemployment benefits exceeded 1 trillion won each month, marking the longest streak on record of monthly payments above the 1 trillion-won threshold.
The total unemployment benefits paid in the first 11 months of 2025 reached 11.47 trillion won, surpassing the 11.25 trillion won record set during the same period in 2021, when unemployment surged amid the pandemic, according to the data.
"Typically, unemployment benefit payments in December are a little less than or at the same level as in November," a ministry official said. "Next month's unemployment benefit payments are expected to be between 800 and 900 billion won."
The data also revealed that the number of people continuously enrolled in state employment insurance stood at 15.65 million in late November, posting a 1.1 percent increase from a year earlier.
Meanwhile, the number of jobs per jobseeker was 0.43, the lowest figure for November since 1998, when the country was emerging from the Asian financial crisis.
"Demand for labor has weakened considerably in the manufacturing, construction and wholesale and retail industries," the official said. "At the same time, the number of people looking for jobs is gradually increasing, resulting in a poor figure."
Earlier, Qazinform News Agency reported HP is to cut 6,000 jobs as it expands the AI strategy.
