Business Hire Fewest Staff Since 2008 Financial Crisis

  • By Gwak Rae-geon

    September 01, 2020 09:53

    The number of new hires at Korean businesses has fallen to the lowest level in 11 years as companies brace for a prolonged coronavirus epidemic.

    According to the Ministry of Employment and Labor on Monday, businesses with at least five staff planned to hire 238,000 workers in the second and third quarters, down by 13,000 on-year. That is the lowest number since the first quarter of 2009.

    But the hiring plans were tallied on April 1 and may have shrunk further since.

    Businesses feel very little need for additional staff. They hired 793,000 workers during the first quarter of this year, down by 32,000 on-year.

    The ministry attributed the fall to the closure of schools, shutdown of private crammers, decline in tourism and other effects of social distancing.

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