South Korea’s labor market bounced back strongly in March after lackluster growth over the past 10 months as in-person activities have become more widespread. | asianewsnetwork
“There is uncertainty in future employment prospects due to various factors causing an economic slowdown, particularly in industries like manufacturing, as well as wholesale and retail, which are heavily influenced by economic factors like exports,” the official added.
However, when looking into different age groups, it was evident that the rise in employment was largely led by older adults 60 and above. At the beginning of 2003, the number of individuals in their 60s was around 5 million. In 2013, it increased to 8 million, and this year, it reached over 13 million.This trend was seen last month when the number of employed individuals aged 60 and over stood at 5.77 million. This was the highest figure for February since the statistics were first compiled in June 1999.
However, there was an on-year drop of 89,000 of employed individuals in their 20s or younger and a decrease of 63,000 among employed individuals in their 40s.
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