Job-seeking benefits totaled 12.2851 trillion won last year. It was the largest annual payout on record.
The Ministry of Employment and Labor (MOEL) on the 12th stated accordingly through "Labor market trends seen through employment administrative statistics." The annual payout exceeded the previous high during the COVID period in 2021 (12.0575 trillion won).
From February to Oct. last year, more than 1 trillion won in job-seeking benefits was paid out each month, marking the longest stretch on record of months with payouts of 1 trillion won or more.
The number of recipients of job-seeking benefits is estimated to have increased from a year earlier. A simple sum of the monthly number of recipients last year shows a monthly average of 629,000, up from 615,000 a year earlier. However, this is not the net number of recipients excluding duplicate receipt, etc.
Cheon Gyeong-gi, Director of the MOEL Future Employment Analysis Division, said, "The increase in job-seeking benefits stems not only from a worsening job market, but also from the strengthening of the social safety net as the number of employment insurance subscribers eligible for benefits has steadily increased," and noted, "There is also the impact of the minimum payment floor for job-seeking benefits rising in line with the minimum wage."
Meanwhile, the number of jobs per job seeker (job openings-to-seekers ratio) on the MOEL employment platform "Employment24" last month was 0.39. This is the lowest level in 16 years since Dec. 2009 (0.39). However, new job openings totaled 169,000, up 10,000 (6.5%) from a year earlier, marking the first increase in 34 months.
Director Cheon said, "The number of job openings increased in health and welfare services and public administration services, and the decline narrowed in manufacturing and construction, which had led the decrease in openings," adding, "But as the number of job seekers rose more sharply, the openings-to-seekers ratio fell."
The number of regular subscribers to employment insurance last month was 15,493,000, an increase of 182,000 (1.2%) from a year earlier. Subscriber numbers mainly increased in service sectors such as health and welfare and accommodation and food. In contrast, manufacturing and construction each fell for 7 consecutive months and 29 consecutive months, respectively.