New jobs held by people in 20s, 30s decrease to record low in Q1

The number of new jobs held by individuals in their 20s and 30s in South Korea dropped to a record low in the first quarter, according to government data released on Sunday. In total, 2.36 million new positions were held by people in these age groups, a decline of 23,000 compared to the previous year. This marked the lowest figure since data collection began in 2018.

Specifically, new jobs held by people in their 20s decreased by 26,000 to 1.34 million, also setting a record low. Meanwhile, new jobs in the manufacturing sector contracted by 24,000, accounting for the majority of the overall decline. Industry experts attributed the drop in new jobs for the younger demographic to a shrinking population within this age group, reduced hiring demand in manufacturing, and companies' preference for experienced workers.

Separately, government data revealed that the nominal earned income of households headed by people aged 39 or younger declined by 0.3 percent in the second quarter compared to a year earlier. However, earned income for all households increased by 0.7 percent on-year, while for households headed by individuals in their 40s, 50s, and 60s, it rose by 1.6 percent, 2.9 percent, and 2.4 percent, respectively.

The employment data also indicated that youth employment – individuals aged 15-29 – fell for the 45th consecutive month to 191,000 in July, with the employment rate dropping for 27 consecutive months to 44.2 percent.