Employment among people in their 20s falls at fastest pace since 1998
The number of employed people in their 20s fell at the fastest pace this year since the 1998 Asian financial crisis, data showed Sunday, amid a trend toward entering the labor market at a later age. The number of employed people in their 20s averaged 3.38 million in the January-August period, down 193,000 from the same period a year earlier, according to data compiled by the Korean Statistical…
The employment rate among people in their 20s in South Korea dropped at the fastest pace since the 1998 Asian financial crisis, according to recent data. In the first eight months of the year, the number of employed individuals in this age group plummeted by 193,000, compared to a year earlier. This decline marked the steepest drop in this group's history since 1998, when the number fell by 550,000.
The employment rate for this age group fell to 59.1 percent, the first time it dipped below the 60 percent mark in five years.
The trend of entering the labor market at a later age seems to be driving this employment dip. While the population of people in their 20s declined by 3.5 percent on-year, the employment rate decreased by 5.6 percent. This is significantly higher than the 3.5 percent decline in population. In contrast, employment among people in their 30s improved. The age group saw a 0.8 percent increase in population, and employment rose by 1.4 percent.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
