SEOUL, Dec 8 (YONHAP/APP): This year’s unemployment benefit payments are expected to hit a new high after payments in January through November exceeded the previous record set in 2021, the labor ministry said Monday.
According to the ministry’s latest analysis of labor market trends, the government paid 792 billion won (US$539 million) in unemployment benefits in November, down 6 percent from a year ago and the first time since January that it fell short of 1 trillion won.
From February through October, the payments exceeded 1 trillion won every month, setting a record for the longest period of over 1 trillion-won payments.
The accumulated total in the first 11 months of the year was 11.47 trillion won, exceeding the 11.25 trillion won record set during the same period in 2021, when unemployment was high due to the pandemic.
“Typically, unemployment benefit payments in December are a little less than or at the same level as in November,” a ministry official said. “Next month’s unemployment benefit payments are expected to be between 800 and 900 billion won.”
Data also showed that the number of people continuously subscribing to state employment insurance was 15.65 million at the end of November, up 1.1 percent from a year ago.
Meanwhile, the number of jobs per jobseeker was 0.43, the lowest figure for November since 1998, when the country was emerging from the Asian financial crisis.
“Demand for labor has weakened considerably in the manufacturing, construction and wholesale and retail industries,” the official said. “At the same time, the number of people looking for jobs is gradually increasing, resulting in a poor figure.”
The official added that the labor market is clearly showing improvements in terms of the number of jobs but also revealing weak employment in the manufacturing and construction industries, as well as among young people.