Employment insurance subscribers aged 29 and under decline for 47 months

South Korea's employment insurance subscriber count for individuals aged 29 and under fell for the 47th consecutive month in July, according to the labor ministry. The number of such subscribers stood at 15,877,000, a 1.8% increase from the previous year. However, this group saw a decline of 57,000 subscribers compared to a year ago.

The ministry attributes this to factors such as declining population, economic downturn, preference for experienced workers, AI and robotics, and dismissals of entry-level and fixed-term workers. By industry, the service sector saw growth, while manufacturing and construction sectors experienced declines. Meanwhile, job-seeking benefit applications decreased by 2.2% year-on-year to 109,000, and the total amount paid out in job-seeking benefits was 21.8 billion won less than a year earlier.