Job Openings Outpace Job Seekers,reaching Levels Not Seen Since the 1999 IMF Crisis
SEOUL,November 10,2025 – South Korea is experiencing a historically tight labor market,with a ratio of 0.42 job openings per job seeker – the lowest level since the 1999 asian Financial Crisis, according to data released today by the Ministry of Labor. The surge in available positions, coupled with a slight decrease in unemployment benefit recipients, signals a meaningful shift in the dynamics of the Korean job market, though concerns remain about the health of the manufacturing sector.
The number of full-time employment insurance subscribers increased in October among those in thier 30s (80,000 people), 50s (43,000 people), and 60 years or older (186,000 people), while decreasing among those under 29 years old (90,000 people) and those in their 40s (22,000 people). New applications for job-seeking benefits totaled 75,000 in October, down 15,000 (16.2%) year-over-year.The total number of individuals receiving job-seeking benefits also fell, decreasing by 12,000 (2.0%) to 576,000 compared to October 2024.
Despite the decline in benefit recipients, the amount paid out in job-seeking benefits reached 1.0492 trillion won in October, a 4.9% increase (48.6 billion won) from the previous year.This marked the ninth consecutive month that benefits paid exceeded 1 trillion won – a historical record. Cumulative payments for the year currently stand at 10.6795 trillion won.
However, the Ministry of Labor anticipates a decrease in monthly benefit payments for November. Manager Cheon explained, “There where cases where people received job-seeking benefits twice in October due to holidays, up to the amount paid in November,” and predicted, “It is unlikely that more than 1 trillion won in job-seeking benefits will be paid in November.” The current labor market imbalance is largely attributed to a slowdown in the manufacturing industry, creating demand for workers in other sectors.
