Big Businesses Create Almost No New Jobs

August 20, 2021 12:41

Major conglomerates have posted record sales this year but created almost no new jobs.

According to the semiannual business reports by the 30 largest businesses in the country, they posted W381.97 trillion in sales in the first half of this year, up 19 percent on-year, and W33.18 trillion in operating profits, up a whopping 220 percent (US$1=W1,176).

This is largely due to the global economic recovery from the shock hit by the coronavirus pandemic, which has led to growing demand particularly for cars, electronics, iron and steel, energy and retail.

But they hired only 5,016 new staff in this period, up a mere 0.96 percent from a year earlier. Samsung Electronics alone recruited 5,031, which means that many others actually reduced their workforce.

“They are understandably reluctant to hire people amid these enormous global and domestic economic uncertainties and increasing red tape,” said Kim Yong-choon of the Korea Economic Research Institute said.

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