The government plans to swiftly announce a "youth job recovery plan" to address the poor employment situation among young people. It will also develop sector-specific measures aimed at revitalizing industries such as manufacturing, construction, and agriculture, which have been experiencing a decline in job numbers.
On August 12, a joint task force meeting on employment was held at the Government Seoul Office, chaired by Lee Hyung-il, the First Vice Minister of the Ministry of Economy and Finance. The meeting reviewed July's employment trends, the youth job recovery plan, and sector-specific employment responses.
Last month, the number of employed individuals increased by 108,000 compared to the same month last year. This marks a significant recovery, following a decrease of 40,000 in May, and increases of 63,000 in June and 108,000 in July. This is the first time since March that the increase in employment has surpassed 100,000.
However, the employment situation for young people has worsened. The youth employment rate fell by 1.6 percentage points compared to the same month last year, while the unemployment rate rose by 1.3 percentage points.
By sector, the service industry saw an increase of 295,000 jobs, leading the overall employment growth. In contrast, manufacturing lost 68,000 jobs, while construction and agriculture experienced declines of 57,000 and 80,000 jobs, respectively. Nonetheless, the decreases in manufacturing, construction, and agriculture were less severe than in the previous month.
The government assessed that external uncertainties due to tensions in the Middle East and adverse weather conditions, such as heatwaves, could pose downward risks to the job market in the future.
In response, the government is preparing to announce the "youth job recovery plan" after consultations with relevant ministries. They will also enhance outreach to inform young people about the support available and how to participate.
Additionally, tailored measures will be developed for sectors experiencing employment difficulties, including manufacturing, construction, and agriculture. These measures will focus on revitalizing industries, training personnel, expanding jobs and entrepreneurship, improving working conditions, and strengthening the employment base. Related initiatives will be discussed in the task force and announced through the Economic Relations Ministers' meeting.
* This article has been translated by AI.
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