2024-03-19 18:26:00
On the 13th, a youth job policy notice was placed at the Noryangjin Youth Job Center in Dongjak-gu, Seoul. The National Statistical Office announced that the number of employed people in the older age group (60 years or older) increased by 297,000, but the number of employed people in the young age group (15 to 29 years old) decreased by 61,000 compared to the same month last year. It has maintained a downward trend for 16 consecutive months since November 2022./Newsis
It is predicted that both the domestic economically active population and the employed will begin to decline starting in 2028 due to the effects of childbirth and aging. Last year, Korea’s total fertility rate hit an all-time low of 0.72, and by 2025, the country is expected to enter a super-aging society with the proportion of the population over 65 years old exceeding 20%. In this situation, an analysis suggested that in order for Korea to continue economic growth, approximately 900,000 additional workers will be needed by 2032.
Graphics = Yang Inseong
On the 19th, the Korea Employment Information Service announced the ‘Mid to Long-Term (2022-2032) Manpower Supply and Demand Forecast and Additional Manpower Requirement Forecast’. According to this, the total economically active population aged 15 or older, which is expected to increase by 2032, is 316,000. However, this is only regarding one-tenth of the increase in the economically active population (3.141 million people) over the past 10 years (2012-2022). The Korea Employment Information Service explains that the total number of economically active people aged 15 and older in Korea will peak at 29.485 million in 2027 and then decrease by regarding 247,000 to 29.238 million in 2032. When looking at the economically active population aged 15 to 64, the decline begins earlier, decreasing by 657,000 people by 2027, and by 2032, a total decrease of 1.703 million people. Due to this effect, the number of employed people aged 15 or older is expected to peak at 28.789 million in 2027 and fall to 28.399 million in 2032.
On this day, the Korea Employment Research Institute also released an estimate that Korea needs 894,000 people to sustain economic growth of 1.9-2.1% over the next 10 years. In particular, the health and welfare services industry (138,000 people) was selected as the industry that will require the largest number of additional manpower as of 2032. Due to aging, the demand for care and medical care is expected to increase significantly, and the number of employed people is expected to increase by 998,000, but the workforce is expected to fall short of that figure. This was followed by manufacturing (137,000 people) and wholesale and retail (118,000 people), which were seen as needing more manpower.
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