Job growth in South Korea has reached its lowest levels since the 2009 global financial crisis according to the latest government data.
For young people aged between 15 and 29, the unemployment rate stood at a record high of 10.5 percent.
Moreover, fewer people in their 30s have been gaining employment for the past 8 months while fewer in their 40s have been getting jobs for 31 months. According to Statistics Korea, the number of employed people in their 40s stood at 6’697,000 people last month, which is some 88,000 less than the same period last year.
Local economists say that with overall conditions unlikely to rebound soon, there is a pressing need to take active measures to shore up the job market.
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