Number of Regular Workers Decreases for the First Time in 26 Years... Job Losses Among Those in Their 20s and 30s
Significant changes are emerging in the South Korean labor market. The number of "regular workers," who enjoy high employment stability, has decreased for the first time in approximately 26 years and five months. Regular workers typically refer to those contracted to work for one year or more, serving as a key indicator of job quality in the economy.
The most striking finding in this survey is the decline in employment among young people in their 20s and 30s. Last month, the number of regular workers in these age groups fell by about 190,000 compared to the previous year. This highlights the significant challenges young people face in finding stable employment.
Experts point to the slump in the manufacturing sector as a primary cause of this phenomenon. As jobs disappear in manufacturing—long a reliable pillar of the Korean economy—the overall labor market has contracted. Additionally, the advancement of Artificial Intelligence (AI) technology appears to be playing a role, as existing jobs are being replaced by machines.
In response to this situation, the government and relevant agencies are taking measures, such as hosting job fairs for youth. However, there are significant concerns that labor market instability will persist. Social attention is now focused on what policies will be introduced to increase the number of stable jobs in the future.