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KERI: Quality of Jobs in S. Korea Has Worsened Since 2008 Financial Crisis

Written: 2020-03-23 16:03:04Updated: 2020-03-23 16:43:04

KERI: Quality of Jobs in S. Korea Has Worsened Since 2008 Financial Crisis

Data showed the quality of jobs in South Korea has worsened over the past decade following the 2008 global financial crisis.

According to a new report released Monday by the Korea Economic Research Institute(KERI), the number of South Koreans working part-time, or less than 30 hours a week, totaled three-point-22 million in 2018, up 49 percent from two-point-17 million recorded in 2008.

The growth rate was more than three times the 14-point-nine-percent average for seven countries with a per-capita gross domestic product of at least 30-thousand dollars and a population of 50 million or more. This includes South Korea, Japan, the United States, France, Italy, Germany and Britain.

Japan placed second with 26-point-six percent, followed by Italy with 13-point-three percent, France with 12-point-three percent and Britain with nine-point-nine percent.

Part-time workers accounted for for 12-point-two percent of South Korea's total workforce in 2018, up from nine-point-three percent ten years earlier.

KERI attributed the fast rate of increase to a steep hike in the minimum wage, the country's rigid labor market and weaker corporate room for employment.

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