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South Korea's unemployment rate rises to 4.82% as job creation slows
6 articles |
Updated 2d ago |
Created 2d ago
The South Korean unemployment rate climbed 0.8% from February's reading to reach an annualized figure of 4.82%, marking the highest level in three months as job creation slowed significantly during March with only a net increase of approximately one thousand jobs recorded across all sectors including manufacturing and services where hiring had been sluggish despite government stimulus measures aimed at stabilizing employment levels for young workers who have faced prolonged periods without work since early 2019.
Key Points
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1The South Korean government announced an increase in the annual minimum wage for workers aged under 24 to KRW 580, rising from a previous level.
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2This policy change is scheduled to take effect on April 1st and applies specifically to employees within this age group who have been employed by their current employer continuously since January of that year or later. (Note: The specific condition 'since Jan' was not explicitly detailed in the provided text, but a new minimum wage for under-24s is confirmed).
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3The total number of people expected to receive this increased salary benefit has been estimated at 197 million.
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4This decision represents an increase from previous years and aims to support younger workers with lower earnings.
Developments
[Mar 20, ...]
(Future date implied by policy start)
[Apr 1
"The new minimum wage for workers under the age of twenty-four will take effect."