Anchor: South Korea's jobless rate has risen to the highest level seen in 17 years for the month of March. Analysts say the decrease in employment is mainly due to the minimum wage hike introduced earlier this year. 
Oh Soo-young tells us more.

Report: According to data by Statistics Korea on Wednesday, the number of unemployed people in South Korea hit one-point-two-five million last month. That's up 120-thousand from the same period last year.

The statistics agency said the number of people without jobs topped the one million mark for the third consecutive month. As a result, the jobless rate reached four-point-five percent in March, the highest rate for the month since 2001 when it hit five-point-one percent.

In particular, the unemployment rate for young people, aged between 15 and 29, came to eleven-point-six percent, the highest March figure since 2016.  

What's more, the statistics agency found the number of people who were employed grew by only 112-thousand year-on-year in March to stand at 26-point-six million. It marked the second consecutive month for such growth to remain in the 100-thousand range. 

Observers say the sluggish growth is likely due to the 16-point-four percent hike in minimum wage introduced in the wake of the New Year, as employers feel the pinch of extra labor costs for part-time workers. 

The wage floor increased to seven-thousand-five-hundred-30 won per hour, an increase of 16-point-four percent or the biggest annual increase seen in 17 years.

Wholesale and retail businesses, as well as the food and accommodation sectors, have seen a substantial decrease in the number of people with jobs, most of which pay by the hour.

Statistics Korea maintains that the waning growth in the number of employed people is due to difficulties in the construction sector and an overall decline in the population. 
Oh Soo-young, KBS World Radio News.