S. Korea faces severe employment crisis following another surge in COVID-19

Arirang News
11 May 202001:46

Summary

TLDRSouth Korea is grappling with an employment crisis due to a surge in COVID-19 cases, leading to a record number of unemployment benefit claims in April. With companies hesitant to hire and more layoffs, unemployment benefits soared by 34.6% compared to the previous year, amounting to $820 million. The impact is widespread, affecting not only manufacturing but also tourism and retail sectors. The actual toll is believed to be higher as self-employed, special employment workers, and freelancers are not covered by employment insurance.

Takeaways

  • 😷 South Korea is experiencing an employment crisis due to another surge in COVID-19 cases.
  • 📉 Companies are hesitant to hire new employees, leading to a drop in employment insurance subscriptions.
  • 💼 In April, a record number of unemployment benefits were claimed, indicating a significant job loss.
  • 📈 There was a 34.6% increase in unemployment benefits paid out in April compared to the same period last year.
  • 💲 Approximately 820 million U.S. dollars were paid in unemployment benefits in April alone.
  • 📋 The unemployment figures are likely to rise further as the economic impact of the pandemic continues.
  • 🏭 Job losses are widespread, affecting not only the manufacturing sector but also tourism and retail.
  • 🤝 The actual impact of COVID-19 on employment is likely more severe as the figures do not account for the self-employed, special employment, and freelancers.
  • 🌐 The economic backbone of South Korea, the manufacturing sector, is among the industries hit hard by job losses.
  • ⏳ The situation has been worsening for three consecutive months, with each month setting a new record for unemployment benefits.

Q & A

  • What is the current situation regarding employment in South Korea due to the COVID-19 pandemic?

    -South Korea is facing an employment crisis following another surge in COVID-19 cases, leading to companies being reluctant to hire and more workers being laid off.

  • How has the number of new subscribers to employment insurance changed in South Korea?

    -The number of new subscribers to employment insurance continues to drop, indicating that companies are not hiring due to temporary business closures or putting employees on leave.

  • What was the percentage increase in unemployment benefits paid out in April compared to the same month last year?

    -There was a 34.6 percent increase in unemployment benefits paid out in April compared to the same month last year.

  • How much was paid out in unemployment benefits in South Korea in April?

    -Approximately 820 million U.S. dollars was paid out in unemployment benefits in April.

  • What is the reason behind the record amount of unemployment benefits paid out in April?

    -The record amount was due largely to the negative economic impact of the COVID-19 outbreak.

  • Is this the first time the unemployment benefits figure has reached a new record in South Korea?

    -No, April marked the third consecutive month the figure reached a new record.

  • What sectors in South Korea have been particularly affected by job losses?

    -Job losses have been significant in the manufacturing sector, as well as in tourism and retail sectors.

  • Are self-employed individuals and freelancers included in the unemployment figures mentioned in the script?

    -No, the figures do not include self-employed individuals, workers in special employment, and freelancers who are not covered by employment insurance.

  • What does the script suggest about the actual impact of COVID-19 on employment in South Korea?

    -The actual impact of COVID-19 on employment is likely even more severe than the figures suggest, as they do not account for those not covered by employment insurance.

  • What is expected to happen to the number of applicants and the size of unemployment benefits in the near future?

    -The number of applicants and the size of unemployment benefits are expected to increase further.

  • Who reported on the employment crisis in South Korea due to the COVID-19 pandemic?

    -Kim Hyo-sun from Arirang News reported on the employment crisis in South Korea.

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COVID-19Employment CrisisSouth KoreaUnemploymentJob LossEconomic ImpactManufacturingTourismRetailPandemic Effects
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