▲ Unemployment benefit payment window including job search benefits
The monthly payments of job search benefits given by the Employment Insurance Fund to support unemployment for the unemployed are another record high.
According to the Ministry of Employment and Labor's announcement on July 12, the main characteristics of the labor market in July, which were found in the employment administration statistics, last month's job benefit payments stood at 758.8 billion won, an increase of 30.4% from the same month last year.
Last month's job search benefit amount was 200 million won more than the previous year's record high (Mt. 787 billion won), a record-breaking record in two months.
The Ministry of Labor explains that the increase in job benefits is the result of an increase in the number of people who are eligible for job benefit benefits due to an increase in employment insurance insured.
The increase in the minimum wage, which is the standard for job search benefits, also affected.
The lower limit for job search benefits is 90% of the minimum wage, which means that the increase in the minimum wage has also increased the job search benefits.
It is interpreted that the increase in job search benefits is not related to the employment situation, which is rarely improved.
Last month, 500,000 people were looking for job search benefits, up 12.2% from the same month last year (445,000).
The number of new job applicants was 101,000, up 7.5% from the same month last year (94,000).
The number of new applicants for job search benefits increased significantly in the transportation industry (1,700), the wholesale and retail business (1,300), and the lodging and dining industry (1,100).
Last month's Employment Insurance insured was 1,3722,000, an increase of 544,000 (4.1%) from the same month last year.
This is the largest increase since May 2010 (565,000).
Employment Insurance The number of insured people can be said to improve the quality of jobs and broaden the social safety net.
The active expansion of employment insurance coverage in the current government also affected the growth of the insured.
The number of insured people increased at all ages, but the increase was more pronounced with an increase of 15.5% for the elderly aged 60 and over.
The main characteristics of the labor market announced monthly by the Ministry of Labor are based on administrative statistics such as employment insurance, which excludes self-employed workers who do not have employment insurance, workers under 15 hours per week, and public officials.
(Photo = Yonhap News)