Seoul: The number of new jobs held by individuals in their 20s and 30s has plunged to a historic low during the first quarter, as revealed by government data on Sunday. A total of 2.36 million new positions were occupied by people within this age group from January to March, reflecting a decrease of 23,000 compared to the previous year, according to data from the Korean Statistical Information Service, managed by the Ministry of Data and Statistics.

According to Yonhap News Agency, this figure represents the lowest since the commencement of data collection in 2018. Specifically, the number of new jobs secured by those in their 20s decreased by 26,000, reaching 1.34 million during the first quarter, a record low as well. The manufacturing sector experienced a contraction of 24,000 new jobs, which significantly contributed to the overall decline.

For individuals in their 30s, the number of new jobs reached 1.02 million, marking an increase of 3,000 from the previous year. Industry experts have pointed to factors such as the diminishing population within this age group, reduced hiring demand in manufacturing, and a preference among companies for experienced workers as reasons for the decline in new job opportunities for younger individuals.

In a related finding, separate government data indicated a 0.3 percent drop in nominal earned income for households led by individuals aged 39 or younger in the second quarter compared to the previous year. Overall earned income for all households rose by 0.7 percent on-year, with households headed by people in their 40s, 50s, and 60s experiencing increases of 1.6 percent, 2.9 percent, and 2.4 percent, respectively.

The latest employment data further revealed that youth employment, defined as individuals aged 15-29, declined for the 45th consecutive month to 191,000 in July, while the employment rate decreased for 27 straight months to 44.2 percent.