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| No. of `practically jobless` people in Korea hits 3.91 mln
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| JANUARY 05, 2013 00:07 |
No. of `practically jobless` people in Korea hits 3.91 mln
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JANUARY 05, 2013 00:07.
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The number of jobless or those who are practically without work in Korea is an estimated four million, including those officially unemployed, jobseekers, part-time workers and those who gave up looking for work, Statistics Korea said Friday.
The number of jobless in a broad sense surpassed 3.9 million, the state-run agency said, meaning that 500,000 have been added to the unemployed list since 2007, a year before the U.S.-led global financial crisis.
The number of “practically jobless” includes 710,000 who were officially confirmed as out of work by Statistics Korea; 219,000 jobseekers registered as students with private academic institutes or vocational training centers; 363,000 jobseekers not registered with an institution for vocational purposes; 1,438,000 economically inactive people who can be described as taking a break from work; 193,000 who gave up looking for jobs; and 989,000 part-time workers with less than 18 hours per week.
Those described as taking a break from work are described as economically inactive for no specific reason such as childrearing, advanced age, physical or mental incapability, jobseeking and the like. Jobseekers and part-timers who work less than 18 hours per week are not officially classified as jobless because they are not looking for work, but are considered jobless.
The number of practically jobless was 3,401,000 in November 2007 and 3,499,000 in November 2008. Yet the number has soared since 2009 in the wake of the global financial crisis, with four million people added each year. Considering that employment is a key economic predictor, the number of unemployed show that this year’s jobless situation will likely remain the same as the previous year.
A Statistics Korea source said, “The International Labor Organization has been developing international standards for complementary indicators of unemployment rates that will encompass a broad sense of the unemployed. If this indicator is adopted at the International Conference of Labour Statisticians in October, the Korean government will develop indicators based on the standard and make them public."
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| The number of jobless or those who are practically without work in Korea is an estimated four million, including those officially unemployed, jobseekers, part-time workers and those who gave up looking for work, Statistics Korea said Friday.
The number of jobless in a broad sense surpassed 3.9 million, the state-run agency said, meaning that 500,000 have been added to the unemployed list since 2007, a year before the U.S.-led global financial crisis.
The number of “practically jobless” includes 710,000 who were officially confirmed as out of work by Statistics Korea; 219,000 jobseekers registered as students with private academic institutes or vocational training centers; 363,000 jobseekers not registered with an institution for vocational purposes; 1,438,000 economically inactive people who can be described as taking a break from work; 193,000 who gave up looking for jobs; and 989,000 part-time workers with less than 18 hours per week.
Those described as taking a break from work are described as economically inactive for no specific reason such as childrearing, advanced age, physical or mental incapability, jobseeking and the like. Jobseekers and part-timers who work less than 18 hours per week are not officially classified as jobless because they are not looking for work, but are considered jobless.
The number of practically jobless was 3,401,000 in November 2007 and 3,499,000 in November 2008. Yet the number has soared since 2009 in the wake of the global financial crisis, with four million people added each year. Considering that employment is a key economic predictor, the number of unemployed show that this year’s jobless situation will likely remain the same as the previous year.
A Statistics Korea source said, “The International Labor Organization has been developing international standards for complementary indicators of unemployment rates that will encompass a broad sense of the unemployed. If this indicator is adopted at the International Conference of Labour Statisticians in October, the Korean government will develop indicators based on the standard and make them public."
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