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S. Korea faces severe job crisis with record levels of unemployment benefits paid in April

2020-05-12 1 Dailymotion

'일자리 위기' 본격화...한 달 동안 실업급여 1조 원 지급<br /><br /> The COVID-19 pandemic has taken a sledgehammer to the global economy.<br />It has also taken an enormous toll on workers in South Korea.<br />Things have become so bad that a record number of people in South Korea filed for unemployment benefits in April.<br />Kim Hyo-sun reports. <br /> South Korea is facing an employment crisis as companies are reluctant to hire and more workers are being laid off amid the continued COVID-19 outbreak. <br /><br />"The number of new subscribers to employment insurance continues to drop compared to the increase in the number of non-eligible people. It implies companies are not hiring as they've shut their business temporarily or put employees on leave."<br /><br /> In April, a record amount of unemployment benefits were paid out,... marking a whopping 34-point-6 percent increase compared to the same month last year.<br />Some 820 million U.S. dollars was paid out just last month,... due largely to the negative economic impact of the outbreak.<br />April marked the third consecutive month the figure reached a new record. <br /><br />"The number of applicants and the size of the unemployment benefits are expected to increase further."<br /><br />Many people have lost jobs not only in the manufacturing sector, which is the backbone of South Korea's economy,... but also in sectors like tourism and retail. <br /> Since such figures do not include self-employed people, workers in special employment and freelancers, who are not covered by employment insurance,... the actual impact of COVID-19 is likely even more severe than the figures suggest.<br />Kim Hyo-sun, Arirang News. <br />

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