S. Korea’s jobless claims rise in Oct.

South Korea’s job market showed signs of recovery in October, as the number of new applicants for job-seeking benefits increased by 12.4 per cent compared to the same period last year, reaching 89,000.

This uptick follows a brief decline in August and September, which was attributed to concerns about an economic slowdown.

However, stronger demand in sectors like construction, wholesale and retail, manufacturing, and information and communication has led to an increase in job seekers.

The government’s job-seeking benefits programme, financed by the state employment insurance fund, provides financial support to unemployed individuals while they actively seek new employment.

The number of benefit recipients in October totalled 587,000, a 3.7 per cent increase year-on-year. The total payment for these benefits reached one trillion won ($715.6 million) in October, a 9.9 per cent increase compared to the same period last year.

Attribution: Xinhua

Subediting: Y.Yasser