Jobs among Koreans in their 20s fall fastest since 1998 financial crisis

The number of employed people in their 20s fell at the fastest pace this year since the 1998 Asian financial crisis, data showed Sunday, amid a trend toward entering the labor market at a later age.

The number of people employed in their 20s averaged 3.38 million during the January-August period, down 193,000 from the same period a year earlier, according to data compiled by the Korean Statistical Information Service (Kosis).

The decline was the steepest since 1998, when the figure plunged by 550,000 in the wake of the Asian financial crisis.

The employment slump was more pronounced than the decline in the age group's population.

The population of the age group fell 3.5 percent on year to an average of 5.55 million, while the number of employed dropped 5.6 percent.

As a result, their employment rate fell 1.3 percentage points to 59.1 percent, slipping below 60 percent for the first time in five years.

In contrast, employment among people in their 30s strengthened.

The population of the age group rose by 83,000 on year to 6.94 million, while the number of employed increased by 103,000 to 5.6 million.

Their employment rate rose to 80.9 percent, extending its upward trend for the fifth consecutive year since 2022.

Analysts say the diverging trends may partly reflect a shift toward later entry into the labor market among younger people.

Yonhap