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S. Korea Unemployment Claims Decline for Third Straight Month
(MENAFN) South Korea's unemployment benefit applications declined for a third consecutive month in April, weighed down primarily by a slowdown in the construction sector, official government figures revealed Monday.
New applicants for job-seeking benefits fell by 2,800, a 2.7 percent year-on-year drop, bringing the total to 100,000 for the month — extending a downward streak that began in February, according to the Ministry of Employment and Labor.
Filings dropped across the construction, finance and insurance, wholesale and retail, and public administration industries. Conversely, applications climbed in transport and warehousing, health and social welfare, education services, and manufacturing.
The total pool of active benefit recipients stood at 667,000 in April, shrinking 4.9 percent compared to the same period last year. Total disbursements also contracted, falling 4.1 percent to 1.11 trillion won — equivalent to approximately 753.4 million U.S. dollars.
Job-seeking benefits, funded through South Korea's state employment insurance system, form the backbone of the country's unemployment support framework and are designed to assist out-of-work individuals in securing new employment.
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