Half of Businesses Scrap Hiring Plans

  • By Shin Eun-jin

    August 10, 2020 13:35

    Half of Korea's businesses are either canceling or postponing recruitment due to the coronavirus epidemic, a poll of 301 companies by the Korea Chamber of Commerce and Industry suggests.

    Some 19.3 percent of respondents have stopped hiring and 31.2 percent postponed their recruitment plans.

    Among those who will go ahead with the hiring process, 40.7 percent said they reduced or are considering reducing the number of new employees.

    Jobseekers take a test at a recruitment fair in Incheon on July 28. /Newsis

    The aftermath is expected to be even more difficult. The Korea Economic Research Institute polled Korea's top 500 companies in February, asking about their hiring plans. At that time, 27.8 percent said they plan to hire fewer or no workers this year. Now that proportion has risen.

    Some 40.5 percent of respondents said they may need to lay workers off due to decreased sales and workload.

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