New employment reaches 12-year high in 2014

The number of new jobs in South Korea is estimated to have reached a 12-year high in 2014 but mostly on an increase in part-time and irregular jobs for seniors, the statistics office said Monday.

According to Statistics Korea, the number of new hires reached a monthly average of 543,000 in the first 11 months of 2014. Once December figures are factored in, the average may fall but is likely to remain above 530,000.

The estimated number marks a 21 percent rise from 438,000 in 2013. It would also be the highest increase since 2002, when a monthly average of 597,000 new jobs were added.

The statistics agency said the country’s overall employment rate for people aged between 15 and 64 years is expected to have reached 65.3 percent, up from 64.4 percent in 2013.

Such a rise, however, comes mostly from a large increase in the number of people, especially those over 60 years in age, finding part-time jobs.

In the January-November period, the number of people in their 30s who found new jobs dropped by about 20,000 from a year earlier while the number for those in their 20s increased by 58,000.

The number of people in their 50s and 60s who found new employment rose by 241,000 and 200,000, respectively, accounting for over 80 percent of all new hires last year.

Among the people aged 60 years or older, less than one-third, or about 541,000, held full-time jobs, up 5.3 percent from 2013, while over 1.18 million had temporary or part-time jobs. The number of part-time workers who are 60 or older marked an 11.1 percent on-year increase.

For the entire workforce, the number of part-time jobs gained 2.2 percent on-year to some 6.07 million in 2014, breaching the 6 million mark for the first time. (Yonhap)