320,000 Jobs Lost in Q1

  • By Kwak Soo-keun

    May 23, 2018 13:08

    Job losses were at an all-time high in the first quarter due to an economic slump affecting all but the top exporters and rising labor costs for smaller employers.

    According to the Korea Employment Information Service, 322,165 workers were laid off from January to March due to the need to cut labor costs, declining earnings or bankruptcy.

    This is the most for the quarter since 2014 and an all-time record.

    Another gauge, the number of people, who were entitled to temporary employment insurance because they lost jobs, stood at 308,617 last year and has risen by over 10,000 already this year.

    A Labor Ministry official blamed massive layoffs in the shipbuilding and car industries, but Cho Joon-mo at Sungkyunkwan University said, "This shows the impact of the minimum wage hike on private businesses."

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