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Korea posts lowest job growth on record in 2024 as AI cuts positions and conglomerate roles vanish

Published: 11 Dec. 2025, 18:14

Older people fill out applications for public-interest and skills-based employment programs during a senior job fair at Mapo District Office in western Seoul on Dec. 10. [NEWS1]

Korea's economy created fewer jobs last year than at any time on record as AI-powered automation cut positions in finance and other white-collar sectors and stable corporate roles continued to disappear, data showed Thursday. The limited growth mainly came from government-backed care jobs taken by older adults.

Total jobs reached 26.71 million in 2024, up 60,000 or 0.2 percent from a year earlier, according to the Ministry of Data and Statistics. Annual job growth has slowed every year since 2021, when it peaked at 3.5 percent, easing to 3.4 percent in 2022 and 0.8 percent in 2023 before dropping to last year’s record low.

The data counts each position held, meaning one person can hold more than one job. For example, if someone works at a company on weekdays and teaches at a private academy on weekends, that person is counted as one employed individual but holds two jobs. A smaller increase in total positions indicates that while many jobs disappeared, new ones did not rise fast enough to offset the losses.

Large companies offered 4.43 million jobs in 2024, down 87,000 from a year earlier. The decline accelerated from 2023 and highlighted the continued loss of high-quality roles. Jobs at small and mid-sized firms also fell by 10,000, the first drop since the data series began. Nonprofit organizations added 150,000 positions, supported by an expansion of state-funded care services.

Finance and insurance posted one of the sharpest declines, shedding 56,000 jobs to 949,000.

“Finance and insurance have undergone rapid digitization, and it appears that artificial intelligence played a role in that shift,” a Data Ministry official said.

Visitors look at listings at a AI talent job fair held at Dongdaemun Design Plaza in Jung District, central Seoul, on Dec. 2. [YONHAP]

Construction jobs fell by 58,000 amid a prolonged slump, while transport and warehousing lost 56,000 and arts, sports and leisure services declined by 29,000. Health and social welfare services, driven by state-led care programs, added 133,000 positions, while manufacturing increased by 45,000.

By age group, jobs decreased among workers in their 40s, down 170,000, and those in their 20s and under, down 160,000. Positions increased for people in their 60s and 70s, each up 150,000, as well as for workers in their 50s, up 60,000, and 30s, up 20,000.

Job creation has concentrated in care-related roles for older people while youth opportunities at major companies have continued to shrink. Korea formally became a super-aged society — defined by the United Nations where over 20 percent of the population is aged 65 or older — in December 2024.

Jobs for people in their 20s fell for a second year, down 80,000 in 2023 and 150,000 in 2024, underscoring a worsening downturn.

“New jobs did not increase enough, making it even harder for young people to find work,” the Data Ministry official said.

A survey released on Tuesday by the Federation of Korean Industries found that 60.5 percent of 2,492 university seniors at four-year institutions and recent graduates reported “passive job searching” because they did not expect to secure employment. Most cited a shortage of available jobs.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY KIM YEON-JOO [[email protected]]