In response to the economic slowdown fueled by demographic decline, South Korea is gearing up to tackle its deepening demographic challenges head-on. According to a report by the Korea Employment Information Service, Vice Labor Minister Lee Sung-hee emphasized the urgent need for job creation to counteract the country’s population decline. With rapid aging and a declining birthrate at the forefront of these challenges, the labor market is set to undergo significant shifts in the coming years. Sectors such as child care, health and welfare, information and communications, and scientific technologies are projected to see increased demand for workers, while the manufacturing sector may experience a decline in the workforce.
To address these dynamics, South Korea aims to add 894,000 more workers to its labor force by 2032, aligning with its economic growth forecasts. To achieve this goal, the government plans to implement targeted policies aimed at bolstering youth, women, and middle-aged employment. Initiatives such as expanding flexible work programs, enhancing child care support, and facilitating job transitions will be prioritized to support workers with evolving skill sets.
Additionally, the government pledges to support the integration of foreign workers into the labor force by streamlining work permit issuance and facilitating their settlement in the country. Through proactive measures and collaborative efforts, South Korea aims to navigate its demographic challenges while fostering sustainable economic growth and prosperity for its citizens.
