All in for revised supplementary budget even after KRW 11 trillion spent… “We cannot hire under pressure”
Cho Eun Ae | eunae@ | 2018-05-17 10:47:17

The government is criticizing the government for adding additional jobs as the employment shock shows signs of prolonged protests. It is an analysis that the economic situation is getting worse and the economic bureaucrats are in a dilemma. Experts state that the government should create an environment that is better for business than a short-term prescription. By Yoo Dong Il eddieyou@

The government is criticizing the government for adding additional jobs as the employment shock shows signs of prolonged protests. It is an analysis that the economic situation is getting worse and the economic bureaucrats are in a dilemma. Experts state that the government should create an environment that is better for business than a short-term prescription.

If we look at the April employment data for the National Statistical Office on May 16, the situation is very serious. Not only is the increase in the number of employed workers in the third month standing at around 100,000, but also the number of regular workers, the unemployment rate and the youth unemployment rate are not good due to the manufacturing recession and the rise in the minimum wage.

The employment rate dropped to 60.9 % from 0.1 % a year ago, while the employment rate for the OECD average of 15 to 64 is 66.6 %. The number of unemployed fell to 611,000 from 1161,000 a year ago. However, it has exceeded one million for four consecutive months since January this year. The number of self-employed workers has increased by 2,000, and the number of non-economically active workers has increased by 134,000 to 1,609,000.

Even so, the Korean government seems to be `all-in` only after the fiscal spending. Experts point out that while the National Assembly is normalizing at the end of the twists and turns, KRW 3.9 trillion is in full swing. However, there are no other alternatives besides financial input as employment measures.

Yoon Chang-hyun, a professor of business administration at the University of Seoul, stated, "The wage increase rate is ten times higher than the inflation rate, which means that we are forced to reduce jobs in self-employed and manufacturing industries. "It is necessary to shift the framework of economic policy so that

Jeong Jo-won, head of the employment creation team at Korea Economic Research Institute, stated, "The reduction in the number of temporary workers with a lot of workers close to the minimum wage means that the minimum wage policy does not have the desired effect. It is necessary for young people, but from a long-term point of view, it is more important to create jobs in the field of new industries and information and communication technology (ICT).”

Meanwhile, there is also an analysis that the situation is worse than the government has judged. Lee Dae-woo, director of the Hyundai Economic Research Institute, pointed out, "If the unemployment rate is not good and the population is unemployed, the unemployment rate will be even bigger. The atmosphere is spreading. "

Besides, the examination of the final examination is also suffering. It is doubtful whether it will pass to the government eye.

In fact, Kim Seong-won, a spokesman for the Free Korea Foundation, pointed out, "We should apologize for the request for the reimbursement even with KRW 11 trillion in employment last year and KRW 19.2 trillion in the biggest budget for the past year. The fundamental solution is to ignore and immediately pay attention to the problem in front of the tax is only a tiny thing." he criticized.

By Cho Eun Ae & Hwang Byung-seo eunae@


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