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

Summary

South 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.