In March this year, the number of regular subscribers to the Employment Insurance was the lowest on record for March in 27 years since statistics began to be compiled. Additionally, the number of recipients of jobseeker’s allowance and the amount paid reached a four-year high.
The Ministry of Employment and Labor announced this information on the 7th in a report titled 'Labor market trends based on March employment administration statistics.'
As of the end of March this year, there are 15.43 million regular subscribers to the Employment Insurance. This is an increase of 154,000 from the same month last year.
According to the announcement from the Ministry of Employment and Labor, the number of regular subscribers to the Employment Insurance in March was the lowest for March since 1998, marking the first such lowest figure in 27 years. The Ministry has been surveying the number of insured persons under Employment Insurance since 1997, and the year-on-year change rate has been compiled since 1998.
By industry, the number of subscribers in the manufacturing sector was 3.846 million, an increase of 6,000 compared to the same month last year. However, excluding foreign workers under the employment permit system, there was a decrease of 17,000 in the manufacturing sector. This indicates that the number of domestic subscribers in manufacturing has declined, a trend that has continued for 17 months. During the same period, the number of subscribers in the service sector also rose to 10.688 million, an increase of 170,000.
On the other hand, the number of subscribers in the construction sector continued to decline for the 20th month, dropping by 21,000 to 754,000.
Director Cheon Kyung-gi noted, "Manufacturing jobs, which are considered good jobs, are currently declining," but added, "The employment situation is improving in the service sector, including finance and information communications."
The number of subscribers to Employment Insurance by gender was 8.532 million for Namsung, an increase of 23,000 compared to the same month last year. For women, the figure stands at 6.903 million, an increase of 131,000.
By age group, those aged 60 and over saw the largest increase of 184,000. This was followed by those in their 30s (67,000) and 50s (56,000). In contrast, those aged 29 and under decreased by 104,000, while those in their 40s decreased by 49,000.
The number of new applicants for jobseeker’s allowance (unemployment benefits) in March is 137,000, an increase of 6,000 from the same month last year. During the same period, the number of recipients of jobseeker’s allowance was 693,000, up 38,000. The total amount paid for jobseeker’s allowance reached 1.051 trillion won, an increase of 81.5 billion won. Both the number of recipients and the amount paid are the highest in four years since March 2021.
The new hiring figures using the Ministry of Employment and Labor's integrated employment service platform 'Employment 24' totaled 154,000, a decrease of 45,000 from the same month last year. The number of new job seekers reached 480,000, an increase of 63,000.
The job vacancy ratio, or the number of job openings per job seeker, is 0.32, down from 0.48 the same month last year. This means that for every 10 job seekers, there are roughly 3 job openings. Director Cheon stated, "The job vacancy ratio is the lowest level since the International Monetary Fund (IMF) crisis in March."