**Involuntary Job Loss Increases, Exceeding 1 Trillion Won in Payments for Historical Longest Period**
With the decline in job openings and the increase in job seekers, the number of jobs per job seeker is at its lowest in 21 years.
(Sejong = Yonhap News) Reporter Ok Seong-gu reports that for the first time in history, the unemployment benefits have been paid over 1 trillion won for eight consecutive months. The increase in involuntary job losses has led to the cumulative payment of unemployment benefits approaching 10 trillion won this year.
As the employment market continues to stagnate, the number of jobs per job seeker reached its lowest level in 21 years as of September.
According to the “Labor Market Trend as Seen Through Employment Administration Statistics” released by the Ministry of Employment and Labor on the 15th, last month’s unemployment benefits payment was 1.0673 trillion won, an increase of 10.9% (104.8 billion won) from a year ago.
Unemployment benefits have exceeded 1 trillion won in monthly payments from February to last month for eight consecutive months. This marks the longest period in history, exceeding the previous record from February to August 2021, when unemployment benefits exceeded 1 trillion won for seven consecutive months.
The cumulative payment for this year is 9.6303 trillion won.
Chun Kyung-gi, a labor ministry future employment analysis officer, explained, “This is due to the increasing number of insured people and the continued rise in the average payment rate of unemployment benefits.”
However, it is anticipated that the unemployment benefits payment will slightly decrease starting from October statistics. This trend is generally observed towards the end of the year as the expiration of unemployment benefits increases, resulting in a decline in payments.
Last month, the number of new applicants for unemployment benefits was 89,000, an increase of 8,000 (10.0%) from the previous year. The number of benefit recipients was 625,000, up 24,000 (4.0%) from the same month last year.
According to the “Employment 24,” a comprehensive employment service platform, the number of new job openings in September was 165,000, a decrease of 6,000 (3.5%) from the same month last year. New job seekers last month totaled 378,000, an increase of 37,000 (10.8%).
The recruitment multiplier, indicating the number of jobs per job seeker, was 0.44 last month. This is significantly lower than the same month last year (0.50), marking the lowest level in September since 2004 (0.43).
However, Chun noted, “The decline in job openings is slowing down, which is a positive factor in terms of job opportunities.”
As of the end of September, the number of people continuously registered in employment insurance was 15.641 million, an increase of 191,000 (1.2%) from the previous year.
By industry, the number of service sector members increased by 219,000, while the manufacturing and construction sectors decreased by 11,000 and 18,000, respectively. The decline in manufacturing is attributed to weak exports and the economic downturn, while the construction sector faces a recession.
The number of service sector members is 10.90 million, with notable increases in public administration, personal services, and professional scientific fields, particularly in healthcare and welfare.
The number of manufacturing sector members is 3.844 million; increases were observed in automobiles, pharmaceuticals, food, and chemical products, while decreases were seen in metal processing, textiles, machinery equipment, rubber and plastic, and electrical equipment.
The number of construction sector members is 749,000, down for the 26th consecutive month, mainly in comprehensive construction.
The number of male members is 8.591 million, up by 43,000 from the previous year. Female members increased by 148,000 to 7.05 million.
By age group, the number increased among those in their 30s (76,000), 50s (45,000), and 60s and above (185,000), but decreased among those under 29 (90,000) and the 40s (25,000), due to population decline factors.