Journalist
Jang Suna and Kim Yeon-jae
sunrise@ajunews.com
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Korea's 20-something employment slumps to 9- year low in Feb SEOUL, March 22 (AJP) -Employment of South Koreans in their late 20s has hit the lowest in nearly a decade as rapid engagement of artificial intelligence worsens job prospects for entry level amid economic slowdown. According to the National Statistical Portal (KOSIS) and job data from the Ministry of Data and Statistics, 2.346 million people ages 25-29 were employed in February, down 62,000 from a year earlier. It was the lowest February figure since 2017. The employment rate for the age group stood at 70.4 percent, down 0.5 percentage points on-year and the lowest for the month since 2022. The decline was broad-based across key industries. Losses were notable in manufacturing, as well as in information and communications and professional, scientific and technical services — sectors traditionally favored by younger workers seeking stable, high-quality jobs. Employment in information and communications for those in their late 20s fell by 52,000 from a year earlier, the steepest drop since 2014. The sector had recorded steady gains in recent years before turning negative in 2025 and declining for a second consecutive year. In professional, scientific and technical services, employment fell by 29,000, also the largest decrease since 2014, following a drop of 20,000 last year. The ministry said part of the decline may reflect a base effect after strong growth in those sectors in recent years. However, it also pointed to structural changes, including the spread of artificial intelligence, which may be reducing demand for entry-level roles in professions such as accounting and legal services. The sector includes research and development, architecture and engineering, as well as professional services such as lawyers, patent attorneys, accountants and tax specialists. Analysts say changes in corporate hiring are reinforcing the trend. Companies are increasingly favoring experienced workers who can contribute immediately, while entry-level recruitment has shrunk — delaying young people’s entry into the labor market. The impact is visible in rising unemployment. The number of unemployed people aged 25 to 29 rose to 179,000 in February, up 16,000 from a year earlier, pushing the unemployment rate up 0.8 percentage points to 7.1 percent. Broader youth indicators suggest even greater strain. The supplementary employment indicator No. 3, an expanded measure that includes underemployed and discouraged workers, rose to 17.4 percent for those aged 15 to 29, the highest February level since 2023. The indicator captures perceived joblessness beyond the official unemployment rate, including those seeking additional hours or marginally attached to the labor force. The government said it is closely monitoring youth employment conditions, with expectations that a forthcoming supplementary budget could include targeted job-support measures. By contrast, employment conditions for people in their 30s have remained relatively stable, supported by population growth and a rising employment rate. The divergence underscores a widening gap within the labor market, where entry-level opportunities are shrinking even as overall employment trends appear relatively steady. 2026-03-22 11:04:50 -
South Korea launches committee tasked with implementing US investment pledges SEOUL, March 18 (AJP) - A committee tasked with setting up a fund to implement massive investment pledges to the U.S. was launched with its first meeting in Seoul, the Ministry of Finance and Economy said on Wednesday. The committee, consisting of seven officials from government agencies and financial institutions, was formed as a follow-up step just a day after a special bill outlining bilateral agreements with the U.S. including investment pledges of US$350 billion under a broader trade deal reached last fall, was approved at a cabinet meeting the previous day. The committee, led by First Vice Finance Minister Lee Hyoung-il, will oversee overall preparations including establishing and managing the fund, as well as fundraising. Lee said the committee will thoroughly prepare all necessary procedures to launch the fund by June, when the bill takes effect three months after its promulgation. He added that the committee will ensure investment projects are carried out in ways that serve both countries' economic and security interests, emphasizing the need for professional staff with strategic expertise. 2026-03-18 17:07:42 -
South Korea, Switzerland extend currency swap deal by another five years SEOUL, March 9 (AJP) - South Korea has agreed with Switzerland to extend their currency swap deal by five years, financial authorities here said on Monday. According to the Bank of Korea (BOK), the bilateral currency swap deal will now run until March 1, 2031, allowing the two countries to swap up to 10 billion Swiss francs or about 18.5 trillion won (US$12.4 billion). A currency swap allows one country to deposit its own currency in another country's reserves in return for the other country's currency in case of a liquidity shortage. South Korea and Switzerland first signed the deal in 2018 and extended it in 2021, with the latest renewal expected to further strengthen financial cooperation and support market stability. South Korea has similar deals with about 10 countries including Australia, Canada, China, Indonesia, Japan and Malaysia. "The renewal will bolster South Korea's foreign exchange reserves, given Switzerland's status as a key reserve-currency country, providing an additional safety net against potential financial crises," a BOK official said. 2026-03-09 14:36:54 -
Middle East Crisis: BOK to maintain 24/7 monitoring SEOUL, March 3 (AJP) - The Bank of Korea said on Tuesday it will maintain around‑the‑clock monitoring with its overseas offices and discuss potential fallout from the U.S. and Israeli airstrikes on Iran dubbed "Operation Epic Fury." In a meeting chaired by its chief Rhee Chang‑yong, officials discussed global developments since last Saturday's airstrikes, as well as potential volatility in financial markets. With the country's financial and foreign exchange markets resuming trading after a makeup holiday for March 1 Independence Movement Day, the central bank said it will closely monitor the situation and prepare for any possible scenarios including the potential spillover of the conflict into South Korean stock and foreign exchange markets, even though the country is not directly involved in the crisis. It plans to keep a task force in place for the time being to respond promptly as needed. 2026-03-03 10:45:13 -
Norway Clinches Top Spot in Milan-Cortina Winter Olympics; South Korea 13th Norway locked up first place in the overall standings at the 2026 Milan-Cortina d’Ampezzo Winter Olympics with one day remaining. South Korea stayed 13th with 10 medals (three gold, four silver, three bronze). As of Feb. 21 local time, Norway led with 18 gold, 11 silver and 11 bronze medals. With only five gold medals left on the final day, the United States in second (11 gold, 12 silver, nine bronze) cannot catch Norway even if it wins all remaining events. The result gives Norway a fourth straight Winter Games overall title, after Sochi 2014, PyeongChang 2018 and Beijing 2022. Norway’s dominance was most evident in cross-country skiing. Johannes Klaebo swept all six men’s gold medals — the 10km+10km skiathlon, sprint classic, 10km interval start free, 4x7.5km relay, team sprint and 50km mass start — to set a new record for most golds by one athlete at a single Winter Olympics. He also raised his career Olympic gold total to 11, breaking the previous record held by American Eric Heiden, who won five golds at Lake Placid 1980. South Korea, which collected one gold and two silvers in short track the previous day, added no medals on Feb. 21 and remained 13th overall. Jeong Jae-won finished fifth in the men’s speedskating mass start, and Park Ji-woo (both Gangwon Provincial Government) placed 14th in the women’s mass start. South Korean speedskating ended the Olympics without a medal for the first time in 24 years.* This article has been translated by AI. 2026-02-22 07:36:00 -
Kim Yu-ran, Jeon Eun-ji Place 16th in Women’s Two-Woman Bobsled at Milan-Cortina Olympics Kim Yu-ran of Gangwon Provincial Office and Jeon Eun-ji of the Gyeonggi federation finished 16th in the women’s two-woman bobsled at the Milan-Cortina Winter Olympics. Racing at the Cortina Sliding Center in Cortina d’Ampezzo, Italy, the pair posted a four-heat total of 3 minutes, 52.04 seconds after completing heats three and four on Feb. 22 (Korea time). They were 15th among 25 teams after the first two heats in 1:55.79. In the third heat, they clocked 58.15 seconds to stay 15th at 2:53.94 overall and secure a spot in the fourth heat, reserved for the top 20 teams. They trimmed their time slightly to 58.10 in the final run but slipped one place to 16th in the final standings. South Korea last competed in the event at the 2018 Pyeongchang Games, when Kim teamed with Kim Min-seong and placed 15th. The country did not qualify for the 2022 Beijing Olympics, making this its first women’s two-woman entry in eight years. Germany’s Laura Nolte and Deborah Levi won gold in 3:48.46 to repeat as Olympic champions. Teammates Lisa Buckwitz and Nelle Schuten took silver in 3:48.99. The United States’ Kaillie Humphries and Jasmine Jones earned bronze in 3:49.21. Humphries added her second bronze medal of these Games after also taking bronze in monobob.* This article has been translated by AI. 2026-02-22 06:15:00 -
Choi Min-jeong, Hwang Dae-heon to carry South Korea flag at Milan Olympics closing ceremony Short track skaters Choi Min-jeong (Seongnam City Hall) and Hwang Dae-heon (Gangwon Provincial Office) will carry South Korea’s flag at the closing ceremony of the 2026 Milan-Cortina d’Ampezzo Winter Olympics. The International Olympic Committee said the Games will end with the closing ceremony at 4 a.m. on the 23rd (Korea time) at the Verona Arena in Italy. The Milan-Cortina d’Ampezzo Olympics featured competition for 116 gold medals across 16 events in eight sports. Choi was selected after a standout Olympics in which she won gold in the women’s 3,000-meter relay and added silver in the 1,500 meters. Those results gave her seven career Olympic medals, the most by any South Korean athlete across the Summer and Winter Games, surpassing Jin Jong-oh (shooting), Kim Soo-nyung (archery) and Lee Seung-hoon (speed skating), who each won six. Choi also moved into a tie with Jeon I-kyeong (four golds) for the most Winter Olympic gold medals by a South Korean athlete. Hwang also left his mark, winning silver in the men’s 1,500 meters after a persistent chase and helping South Korea reach the podium in the 5,000-meter relay as the anchor leg. He won medals in both individual and team events. At the opening ceremony, figure skater Cha Jun-hwan (Seoul City Hall) and speed skater Park Ji-woo (Gangwon Provincial Office) served as co-flag bearers.* This article has been translated by AI. 2026-02-22 05:15:00 -
Speedskater Park Ji-woo vows to keep chasing Olympic mass start medal after 14th-place finish South Korea’s long-distance speedskating standout Park Ji-woo of Gangwon Provincial Office missed a medal in the women’s mass start and said she plans to try again in four years. Park placed 14th in the final at the 2026 Milan-Cortina d’Ampezzo Winter Olympics at the Milan speedskating stadium on Feb. 22 (Korea time). It was her first time reaching the Olympic final, but she did not make the podium. After the race, Park told reporters in the mixed zone, “I’m sorry to deliver a disappointing result to speedskating fans in Korea who supported me,” bowing her head. Park failed to advance past the semifinals at both the 2018 PyeongChang Games and the 2022 Beijing Games. In Beijing, she collided with another skater with two laps remaining, ending her bid to reach the final. This time, she advanced comfortably through the semifinals to make her first final, but fell short of medal contention. “I was worried about fighting for position and where I’d be with one or two laps left,” Park said. “It’s disappointing I couldn’t fix that, but I showed what I could. I have fewer regrets than at PyeongChang and Beijing.” She said Kim Bo-reum contacted her from Korea earlier in the day and offered advice on positioning. “I really wanted to follow in Bo-reum’s footsteps, but it’s a shame I couldn’t show a great performance,” Park said. Kim, who announced her retirement from competition late last year, won silver in the mass start at the 2018 PyeongChang Olympics, becoming the first South Korean woman to medal in the event at the Games. Park said she intends to keep pursuing an Olympic medal. “The athletes who made the podium today are in their mid-30s, at least eight years older than me,” she said. “I have a real chance to keep challenging in four years and even eight years. I’ll work to reach a higher place at the next Olympics.”* This article has been translated by AI. 2026-02-22 03:12:00 -
Park Ji-woo places 14th in mass start as South Korea ends Olympics without speedskating medal South Korea’s speedskating team finished the 2026 Milan-Cortina d’Ampezzo Winter Olympics without a medal, its first medal-less Games since 2002 in Salt Lake City. On Saturday (Korea time), South Korea wrapped up its schedule after failing to reach the podium in both the men’s and women’s mass start finals at the Milan speedskating stadium in Italy. In the women’s mass start, Park Ji-woo of Gangwon Provincial Office placed 14th in the final. She crossed the line seventh but dropped in the standings after losing points in the intermediate sprint segments. Park advanced to the final by finishing third in the second semifinal heat. She stayed near the back early, then moved up on the outside with two laps remaining, but her time of 8 minutes, 36.31 seconds was not enough for a medal. Lim Ri-won, who is set to enter Korea National Sport University, did not reach the final after placing 10th in the first semifinal heat. Earlier, in the men’s mass start final, Jung Jae-won of Gangwon Provincial Office crossed fifth in 8:04.60 and missed the medals. In mass start, skaters complete 16 laps, with rankings determined by points from intermediate sprints and the finish. The skater who finishes first overall wins gold.* This article has been translated by AI. 2026-02-22 02:00:00 -
Speedskater Park Ji-woo Reaches Women’s Mass Start Final at Milan Olympics South Korean speedskater Park Ji-woo of Gangwon Provincial Office reached the Olympic women’s mass start final for the first time in her third Games appearance. Park advanced Saturday (Korean time) at the 2026 Milan-Cortina d’Ampezzo Winter Olympics, finishing third in the second semifinal heat at the Milan speedskating stadium. She earned 20 sprint points and secured one of the eight final berths awarded in each heat. The mass start is a 16-lap race scored by points at intermediate sprints and at the finish. At laps 4, 8 and 12, the top three skaters receive 3, 2 and 1 sprint points, respectively, and up to 60 points are awarded based on the final placing. Park stayed near the back early before moving into the lead pack with two laps remaining. She closed the race in third place. Park also competed in the mass start at the 2018 Pyeongchang and 2022 Beijing Olympics but did not reach the final. This is her first final appearance in the event. The final is scheduled for 1:15 a.m. Sunday at the same venue. In the first semifinal heat, Lim Ri-won finished 10th and was eliminated.* This article has been translated by AI. 2026-02-22 00:36:00