The increase in employment insurance coverage has reached the ‘minimum’ level in 42 months… even foreign workers are slowing down.

Ministry of Employment and Labor to announce the trend of employment insurance subscribers in August
Stagnates at an increase of 220,000… the smallest increase since February 2021
Construction industry on a downturn for 13 months… Decrease in domestic manufacturing workers continues
20s and 40s show a continuous decrease… 110,000 increase in the 50s and 205,000 in the 60s,

[Seoul=Newsis] ,
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, ‘[Seoul=Newsis] By Ko Hong-ju = The rate of increase in the number of employment insurance subscribers, which can gauge the job market conditions, recorded the lowest level in 42 months. In particular, the number of foreign nationals joining employment insurance, which accounted for one-third of new registrations, also decreased.’,
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, “According to the ‘Labor Market Trends Seen through Employment Administration Statistics in August 2024’ announced by the Ministry of Employment and Labor on the 9th, the total number of regular employment insurance subscribers as of the end of last month was 15.445 million. This was an increase of 220,000 (1.4%) compared to the same month last year.”,
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, ‘The number of regular employment insurance subscribers has been breaking records for the highest number of subscribers consecutively since surpassing 15 million in March last year. However, the growth rate continued to slow down, with the increase limited to 220,000 in August, the lowest in 42 months since February 2021.’,
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, ‘By industry, the construction industry has been experiencing a decline for 13 consecutive months, with a decrease of 13,000 compared to the same month last year.’,
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, “After recording zero members in the construction industry in August last year, the number of subscribers decreased by 2,000 in September 2023, 3,000 in October 2023, 3,000 in November 2023, and 6,000 in December 2023. The rate of decrease has been increasing, with a slight rebound of 2,000 in January this year, followed by 4,000 in February, 6,000 in March, 7,000 in April, 8,000 in May, 10,000 in June, 12,000 in July, and 13,000 in August.”,
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, ‘The situation in the manufacturing industry is also not favorable. As of the end of August, the total number of new manufacturing industry subscribers was 38,000, and the number of domestic workers excluding foreign nationals decreased by 3,000. The number of domestic manufacturing industry subscribers has been decreasing for the 11th consecutive month since October last year.’,
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, ‘Due to the gradual application of mandatory employment insurance for foreigners under the Employment Permit System (E-9) starting from 2021, the increase in foreign national subscribers also stopped at an increase of 46,000 compared to the same month last year, leading to a gradual decline in the effect of foreign national subscriptions. The proportion of foreign nationals among all new subscribers has been decreasing, with rates of ▲36.95% in January, ▲30.99% in February, ▲27.94% in March, ▲25.82% in April, ▲23.75% in May, ▲23.0% in June, ▲21.52% in July, and ▲20.9% in August this year.’,
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, ‘The polarization by age group continues.’,
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, ‘For subscribers under the age of 29, there was a net decrease of 103,000 compared to the same month last year. Although the decrease in the previous month (-104,000) showed a slight increase, there is still no sign of recovery for the 24th consecutive month since September 2022.’,
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, ‘In addition, for subscribers in their 40s, there was a decrease of 42,000 compared to the same month last year, marking the first decline since the statistics were compiled in November last year, continuing to decline for the 10th consecutive month. Particularly, 16,000 decreased in the construction industry with poor business conditions in the latter half of the year.’,
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, “On the other hand, the number of subscribers in their 50s increased by 110,000, and those aged 60 and above increased by 205,000, driving an increase in the number of ‘working seniors.’ Even the number of subscribers in their 30s increased by 50,000 compared to the same month last year.”,
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, ‘As of the end of August, the number of new applicants for unemployment benefits was 86,000, a decrease of 500 (0.6%) compared to the same month last year. By industry, there were increases in the construction industry (2,800), business services (400), information and communication (200), among others. Decreases were seen in educational services (2,700), accommodation and food services (400), public administration (400), and others.’,
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, ‘The total number of unemployment benefit recipients was 625,000 as of the end of August, a decrease of 2,000 (0.4%) compared to the same month last year. The total amount paid out was 1.255 trillion won, a decrease of 226 billion won (2.2%).’,
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