South Korea ranks 73rd in a new annual international report on labor market efficiency. 

According to the Korea Economic Research Institute, the World Economic Forum(WEF) announced the result in its Global Competitiveness Report. 

The ranking, which was based on last year’s labor market situations, bumped up South Korea four notches from a year earlier, but it is still classified as a mid-tier group by the report on 137 countries. 

By subcategories, South Korea was best ranked in salary and productivity at 15th and capacity to retain human resources at 29th. 

However, it lagged far behind in labor-management cooperation at 130th and layoff cost at 112th.