Over 2 million jobs disappeared while 710,000 created last year: data

Some 2.63 million jobs have disappeared in the last year, while only 710,000 new jobs have been added, government data showed Tuesday.

According to Statistics Korea, over 2 million jobs have been destroyed due to companies downsizing their workforce or shutting down businesses due to the pandemic. 

In the same period, some 710,000 jobs were created. More than half, or 53.5 percent, of them were for people aged 60 or above, followed by those in their 50s and 40s with 3.2 percent and 1.6 percent, respectively.

Only some 80,000 new jobs were created for younger people in their 20s and 30s.

Of the total jobs at 24.7 million in 2020, the largest number -- 24.7 percent -- of the jobs were filled by those in their 40s, followed by 50s and 30s at 23.7 percent and 21.1 percent, respectively.

The average age of the country’s workforce increased to 46 years old last year, from 45.6 years old in 2019. 

Of newly created jobs, conglomerates attributed to increasing some 60,000 jobs last year, while small and medium-sized enterprises created 450,000 new jobs over the same period. Nonprofit organizations also added 190,000 new jobs. 

By sector, the manufacturing industry created the highest number of jobs at 4.8 million, while the wholesale and retail sector saw 3.1 million jobs newly added. But the same sector also saw the largest number of jobs disappearing in the last year at 430,000. 

By Kim Da-sol (ddd@heraldcorp.com)