6 in 10 wage workers leave jobs within a year

Seniors seek employment consultation at the 2024 Restart Job Fair held in Gwanghwamun Square, Seoul, on Oct. 24. (Yonhap)

Six out of 10 newly hired employees leave their jobs within the first year in South Korea, government data showed Sunday.

The report, from the Korea Employment Information Service under the Labor Ministry, shows that only 40.1 percent of wage workers -- those subscribed to employment insurance schemes after being hired -- retained their positions for more than a year as of 2021.

The rate of employees staying in their jobs for over a year has been steadily declining, from 42.2 percent in 2021 and 41.2 percent in 2017. Although it briefly rose to around 42 percent in 2018 and 2019, it dropped to 39.6 percent in 2020 and only slightly increased to 40.1 percent in 2021, likely impacted by the pandemic.

Jang Sa-rang, a senior researcher and author of the report, said that job stability is polarizing, with secure jobs becoming more stable while less stable positions grow increasingly precarious.

Regarding gender, women had a lower job retention rate (37.9 percent) than men (42.4 percent) for employment lasting over a year in 2021. Age also influenced retention, with older employees, 60 and above, at 34 percent and younger workers under 29 at 37.4 percent, both lower than those in their 30s (46 percent) and 40s (43.8 percent).

By Shin Ji-hye(shinjh@heraldcorp.com)