SoKor to implement tighter measures on surging unemployment amid pandemic

South Korea’s finance ministry pledged to provide intensive measures to control the recently-monitored hike in unemployment. The agency also emphasized the ever-increasing level of economic risks as local and global demand collapse.

Latest records showed that the country’s unemployment rate retained its 3.8% standing in April. However, the employment rate dropped at its most rapid pace in more than two decades as pandemic restrictions halted business operations.

Analysts believe that the actual count may be larger than the official figures, with working hours being modified and workers forced to file temporary leave. More so, lockdown restrictions being lifted brought in new fears that the deadly respiratory disease will reemerge.

The government is set to provide 550,000 jobs, helping those who are self-employed and in temporary jobs as latest figures indicated the possibility of a sharp recession.