Unemployment Surpasses 1 Million

  • By Shon Jin-seok

    January 12, 2017 12:55

    The number of unemployed people surpassed 1 million for the first time last year as the drawn-out slump is compounded by massive layoffs in ailing industries. The youth unemployment rate also rose to a record 9.8 percent.

    The situation is expected to worsen this year as more and more businesses downsize.

    Statistics Korea on Wednesday said 1.01 million people were unemployed last year, the first time since the government changed unemployment criteria in 1999 by classifying only people who have searched for jobs for a month instead of a week as out-of-work. The number has risen from 800,000 in 2013.

    Young people are finding it especially difficult to land jobs. Unemployment among people aged 15 to 29 stood at eight percent in 2013, but has risen to almost 10 percent in just three years. More than four out of every 10 unemployed people are young people.

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