SEJONG -- While the novel coronavirus has dealt a serious blow to people of all ages in terms of employment in South Korea, it has hit younger people especially hard. According to Statistics Korea, the employment rate among those in their 20s stood at 54.6 percent as of April, down 3.5 percentage points from 58.1 percent in January, when the nation reported its first case of COVID-19. For people between the ages of 20 and 29, the employment rate posted its steepest decline. Next were peopl

Social Affairs May 25, 2020

SEJONG -- In South Korea, the women’s population overtook the men’s population 58 months ago. In addition, female seniors residing alone far outnumber male seniors. In April, the average for Korean women topped 44 for the first time in history, according to data held by the Ministry of Interior and Safety. They are older by 7 or 8 months than a year earlier, when the figure posted 43.4. The local demographic history shows that women are fast aging: their average age was 41.4 in Ap

Social Affairs May 24, 2020

SEJONG -- In South Korea, the women’s population overtook the men’s population 58 months ago. In addition, females far outnumber males among seniors residing alone. In April, the average age for Korean women topped 44 for the first time in history, according to data held by the Ministry of Interior and Safety. They are older by 7 or 8 months than a year earlier, when the figure posted 43.4. The local demographic history shows that women are fast aging: their average age was 4

Social Affairs May 21, 2020

SEJONG -- In 1999, the number of import cars sold in South Korea was 2,401, making up only 0.26 percent of the total. Foreign car brands captured 1 percent of the local market for the first time in history in 2002, when Korea co-hosted the FIFA World Cup. Sales reached 16,119 units with a market share of 1.3 percent. Since then, the market share of import cars has increased quickly, exceeding 3 percent in 2005, 5 percent in 2007, 10 percent in 2012 and 13 percent in 2014. When the share reac

Industry May 19, 2020

SEJONG -- The official number of unemployed in South Korea, compiled by the government, stood at 1.172 million in April, inching up only 19,000 from 1.153 million in January, despite the outbreak of the novel coronavirus that has slammed the country’s economy. But the situation is far more critical when it comes to the extended definition of unemployment, taking “underemployed” people as the de facto unemployed. According to the Supplementary Index III for Employment from S

Economy May 17, 2020

SEJONG -- The nation’s per capita gross national income came to $32,047 last year, according to the Bank of Korea. This is equivalent to 37.33 million won a year and 3.11 million won a month on average, based on the 2019 exchange rate. But North Korean refugees residing in the South were still earning far less than that. The number of refugees from the North is approaching 35,000 on a cumulative basis. The data from Statistics Korea showed that one out of every two (49.9 percent) of th

Social Affairs May 14, 2020

SEJONG -- The wage gap between male and female salaried workers in South Korea has narrowed over the past few years, though the disparity had been critical compared to global standards. But data from the Organization for Economic Cooperation and Development showed that Korea still topped the list in the gender wage gap, with 34.1 percent in the organization’s comparison of 2018 data or the latest available. The OECD clarified that the gender wage gap is defined as the difference between

Social Affairs May 12, 2020

SEJONG -- South Korea’s working age population -- people aged between 15 and 64 -- posted 37.2 million as of April with the monthly figure declining both on-year and on-month basis. According to the Ministry of Interior and Safety, share of the population considered working age stood at 71.8 percent last month, compared to 72.3 percent a year earlier. Further, this marked the lowest at least in 12 years since the government officially started compiling the data in January 2008. The figu

Social Affairs May 10, 2020

SEJONG -- The number of foreigners staying in South Korea -- both short-term and long-term collectivley -- stood at 2.2 million as of March, according to the Korea Immigration Service. The figure marked a 7.4 percent decline from 2.37 million a year earlier, in the wake of the novel coronavirus that has affected the nation since late January. But the data showed a disparity between short-term and long-term inbound visitors, which classifies the two brackets with a cutoff of 90 days. The numb

Social Affairs May 7, 2020

SEJONG -- President Moon Jae-in, who will complete 60 percent of his term this weekend, has continued to unveil his strong commitment to active job creation since taking office in 2017. But, as of March 2020, the data held by the Organization for Economic Cooperation and Development showed that South Korea’s employment still falls behind the average of the 36 members. The country remained in the lower ranks for both the working-age population and young generation. The OECD has compared

Economy May 5, 2020

SEJONG -- South Korea’s population has been falling since late 2019, despite an increase in foreign residents here. The nation’s population, which reflects not only the number of births and deaths but also the number of foreign residents here and changes in Korean citizenships, posted 51.842 million as of April. down 671 (minus 1,234 for men and plus 563 for women) from a month earlier, according to the Ministry of Interior and Safety. This marked the decline for the fifth consecu

Social Affairs May 3, 2020

SEJONG -- South Korea’s per capita gross domestic product as of 2019, assessed by the Organization for Economic Cooperation and Development, is drawing attention in terms of gauging the current level of ordinary Koreans’ purchasing power on the global stage. The France-based organization has estimated that the nation’s per capita GDP reached $43,426 (50.59 million won, based on the 2019 average exchange rate against the US dollar) last year, which far exceeds the “nomi

Economy April 28, 2020

SEJONG -- Stock investments are often likened to a zero-sum game, as winners take the money of losers. It is impossible for every participant in the capital market to see capital gains even if the market is bullish, as their buying and selling timing is various. Further, the probability of becoming losers grows when individuals use credit-based purchase, which is dubbed the “leverage” investment. This allows investors to buy more stocks beyond their cash deposit

Economy April 26, 2020

SEJONG -- The COVID-19 disaster has added to mass youth unemployment, which had already been a critical social issue over the past few years. According to the Supplementary Index for Employment III, held by Statistics Korea, de facto unemployment for those aged 15-29 reached 1.272 million among the extended-based economically active population of 4.785 million. This figure means a surge by about 225,000 people in only two months, compared to January, when the tally stood at 1.047 million. T

Economy April 23, 2020

SEJONG -- South Korea’s universities were found to have far fewer foreign students in terms of their percentage, while the Education Ministry had unveiled its policy to actively attract students overseas. Foreign students made up 2.3 percent of the total number of people studying at Korean universities, which is the 33rd among the 36 members, according to the International Student Mobility of 2020 indicator of the Organization for Economic Cooperation and Development. The figures mostly

Social Affairs April 21, 2020