Labor shortage and productivity in Korea : vimarsana.com

Labor shortage and productivity in Korea

A report by the Korea Employment Information Service (KEIS) garnered much press attention recently. The report concluded that Korea must add 900,000 more workers to its total labor force by 2032 to maintain an economic growth rate of 1.9-2.1 percent. This is based on the fact that the economically active population was projected to increase by a paltry 316,000 workers from 2022 to 2032. To counteract this projected shortfall of workers, the report calls for a systematic and preemptive response from the government, including policy efforts to bolster employment opportunities that young people desire, child care that allows women to remain in the workforce, wage system reorganization, and retraining of the elderly to prolong their period of economic activity.

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Ireland , United States , South Korea , Korea , Sean Omalley , Korea Employment Information Service ,

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