S. Korea faces severe job crisis with record levels of unemployment benefits paid in April
- 4 years ago
'일자리 위기' 본격화...한 달 동안 실업급여 1조 원 지급
The COVID-19 pandemic has taken a sledgehammer to the global economy.
It has also taken an enormous toll on workers in South Korea.
Things have become so bad that a record number of people in South Korea filed for unemployment benefits in April.
Kim Hyo-sun reports.
South Korea is facing an employment crisis as companies are reluctant to hire and more workers are being laid off amid the continued COVID-19 outbreak.
"The number of new subscribers to employment insurance continues to drop compared to the increase in the number of non-eligible people. It implies companies are not hiring as they've shut their business temporarily or put employees on leave."
In April, a record amount of unemployment benefits were paid out,... marking a whopping 34-point-6 percent increase compared to the same month last year.
Some 820 million U.S. dollars was paid out just last month,... due largely to the negative economic impact of the outbreak.
April marked the third consecutive month the figure reached a new record.
"The number of applicants and the size of the unemployment benefits are expected to increase further."
Many people have lost jobs not only in the manufacturing sector, which is the backbone of South Korea's economy,... but also in sectors like tourism and retail.
Since such figures do not include self-employed people, workers in special employment and freelancers, who are not covered by employment insurance,... the actual impact of COVID-19 is likely even more severe than the figures suggest.
Kim Hyo-sun, Arirang News.
The COVID-19 pandemic has taken a sledgehammer to the global economy.
It has also taken an enormous toll on workers in South Korea.
Things have become so bad that a record number of people in South Korea filed for unemployment benefits in April.
Kim Hyo-sun reports.
South Korea is facing an employment crisis as companies are reluctant to hire and more workers are being laid off amid the continued COVID-19 outbreak.
"The number of new subscribers to employment insurance continues to drop compared to the increase in the number of non-eligible people. It implies companies are not hiring as they've shut their business temporarily or put employees on leave."
In April, a record amount of unemployment benefits were paid out,... marking a whopping 34-point-6 percent increase compared to the same month last year.
Some 820 million U.S. dollars was paid out just last month,... due largely to the negative economic impact of the outbreak.
April marked the third consecutive month the figure reached a new record.
"The number of applicants and the size of the unemployment benefits are expected to increase further."
Many people have lost jobs not only in the manufacturing sector, which is the backbone of South Korea's economy,... but also in sectors like tourism and retail.
Since such figures do not include self-employed people, workers in special employment and freelancers, who are not covered by employment insurance,... the actual impact of COVID-19 is likely even more severe than the figures suggest.
Kim Hyo-sun, Arirang News.