Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki (center) on April 13 chairs a meeting of related ministers on Statistics Korea's report on employment last month at Government Complex-Seoul. (Ministry of Economy and Finance)

By Kim Eun-young and Yoon Sojung

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki on April 13 said through social media, "Despite difficulties such as a decreasing population and COVID-19, the past five years have seen the creation of 1.27 million jobs."

With Statistics Korea releasing a report that day on employment last month, he commented on the job creation policy of the Moon administration over the last five years, saying, "We have made an all-out effort to create high quality jobs as the top government task."

"Since 2019, the working age population (15-64) has decreased and rapid changes to minimize labor have occurred through unmanned, automated or noncontact systems," he added. "Despite the employment shock that affected vulnerable social groups such as the self-employed and temporary or day laborers, the last five years (May 2017 to last month) saw the creation of 1.27 million jobs, an achievement of this government."

The report said the number of employed last month was an estimated 27,754,000, up 831,000 year on year and a 20-year high in growth for the month since 864,000 in March 2002. 

The rise in the number of employees in this year's first quarter was an estimated 1,001,000, the highest jump in 22 years.

The employment rate for those aged 15 or over last month was 61.4%, up 1.6% percentage points year on year. That of those the 15-64 population was 67.8%, the highest for March since the government began compiling related statistics in January 1989.

The number of unemployed reached 873,000, a reduction of 342,000, and thus the jobless rate fell 1.3% percentage points to 3%, the lowest for March in history.

Minister Hong said, "The increase of more than 800,000 in the number of employed (in this year's first quarter) despite the plus base effect seen in March last year shows that the strong flow of recovery has continued in employment."

eykim86@korea.kr