Seoul: South Korea added the smallest number of wage jobs in the fourth quarter of 2024, mainly due to a slump in the construction sector and a continued decline in youth employment, government data showed Wednesday. The number of paid employee positions stood at 20.9 million as of November 2024, up 153,000 from the same period a year earlier, according to the data from Statistics Korea.
According to Yonhap News Agency, the figure represents a sharp slowdown from the 246,000 jobs added in the previous quarter. It also marks the smallest quarterly gain since Statistics Korea began compiling such data in 2018. "Job losses were pronounced in the construction sector due to the sluggish market," an agency official said on condition of anonymity. "For workers in their 20s and 40s, both demographic and economic factors contributed to the decline in employment."
The modest increase was mainly driven by employment growth in the health and social welfare sectors, as well as in associations, repairs, and personal services. A significant share of new positions was taken by older workers, reflecting the country's aging population.
By age group, the number of jobs for people in their 20s and younger dropped by 148,000, or 4.7 percent, to 2.98 million as of end-December. Employment for those in their 40s also declined, falling by 84,000 to 4.72 million. In contrast, employment among senior citizens saw strong gains. The number of paid jobs for those in their 60s and older rose by 248,000 to 3.87 million, while those in their 50s and 30s saw increases of 70,000 and 67,000, respectively.
By industry, the health and social welfare sector recorded the largest increase with 140,000 additional wage jobs from a year earlier. The construction sector shed 109,000 jobs, marking the largest quarterly decline since data collection began in 2018, the agency said.