South Korea's Job Task Force Meets Once as Youth Unemployment Surges

South Korea’s inter‑ministerial Job Task Force, created in December 2022 to monitor the labour market, has held only a single meeting in 2024, despite an initial pledge to meet monthly. The May 13 meeting was the first since the task force’s launch, and the labour ministry deputy minister failed to attend, signalling a lack of senior‑level coordination.

National employment data released in May showed a decline of 40,000 employed persons aged 15 and older—the first drop since December 2024. Youth employment (ages 15‑29) fell by 147,000, marking the 41st consecutive month of decline. Regular, stable jobs ("full‑time" positions) fell for the first time since the 1999 IMF crisis, decreasing by 7,000 overall, with a loss of 190,000 jobs among people in their 20s and 30s. Manufacturing employment led the decline, while AI‑driven automation contributed to job cuts in information‑technology and professional services sectors.