SEOUL, Sept. 13 (Yonhap) — The South Korean government is set to announce policies to address the workforce imbalance caused by the country’s aging population, according to a senior government official on Wednesday.
First Vice Finance Minister Kim Byoung-hwan remarked during a meeting with related officials that “some regions are suffering from an exodus of people, aging population and deterioration of industrial infrastructure”.
Kim also pointed out that the government has been able to reduce the number of job vacancies to 216,000 in July, a decrease of 13,000 from a year earlier, due to measures such as allowing more foreign workers.
The government is currently considering the possibility of allowing more foreigners to work in the country to reduce the workforce shortage in smaller companies.
The First Vice Finance Minister noted that the August jobs data shows that employment remains a challenge for the younger generations, with jobs for seniors aged 60 and above increasing by 304,000 compared to the year before, while those for people in their 20s fell by 91,000.
Kim also highlighted that the service sector is expected to create more jobs in the future with the resumption of Chinese group tours.
The government will be closely monitoring job additions in the manufacturing and construction sector, he added.
First Vice Finance Minister Kim Byoung-hwan speaks during a meeting on South Korea's job market in Seoul on Sept. 13, 2023, in this photo released by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap)
colin@yna.co.kr
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