South Korea's Wage Job Growth Slows Amid Decline in Youth Employment

South Korea's economy added 153,000 wage jobs in the fourth quarter of 2024, a modest increase that masks a broader trend of slowing job growth and declining youth employment. According to government data, the number of paid employee positions stood at 20.9 million as of November 2024. The health and social welfare sectors, as well as associations, repairs, and personal services, were key drivers of employment growth, with older workers making up a significant share of new positions.

Key Takeaways:

• Wage job growth in South Korea slowed in the fourth quarter of 2024, with a gain of 153,000 jobs, compared to 246,000 jobs added in the previous quarter.
• The number of paid employee positions in South Korea stood at 20.9 million as of November 2024, according to Statistics Korea.
• Youth employment continued to decline, with the number of jobs for people in their 20s and younger falling by 148,000, or 4.7 percent, to 2.98 million.
• Employment among senior citizens saw significant gains, with the number of paid jobs for those in their 60s and older rising by 248,000 to 3.87 million.
• The health and social welfare sector recorded the largest increase in wage jobs, with 140,000 additional jobs from a year earlier.
• The construction sector experienced a decline of 109,000 jobs, reflecting the ongoing slowdown in the industry.
• Employment growth was driven by older workers, with many taking new positions in the health and social welfare sectors.

Statistics:

• 153,000: The number of wage jobs added in South Korea in the fourth quarter of 2024.
• 20.9 million: The number of paid employee positions in South Korea as of November 2024 (Statistics Korea).
• 4.7 percent: The decline in employment for people in their 20s and younger (148,000 jobs).
• 248,000: The increase in paid jobs for senior citizens (those in their 60s and older).
• 140,000: The number of additional jobs in the health and social welfare sector.
• 109,000: The decline in jobs in the construction sector.

Sources:

• Yonhap News Agency (21 May 2025)
• Statistics Korea (data for paid employee positions as of November 2024)