The number of workers covered by employment insurance fell sharply in the shipbuilding industry last month from a year earlier, government data show, as yards undertake massive restructuring in the face of sluggish business conditions.
The number of employment insurance policyholders at shipyards fell 22.4%, or 41,800, in August from the same period last year, reported Yonhap News Agency citing statistics from the Ministry of Employment and Labour.
South Korea is a major shipbuilding nation, but the shipbuilding sector has suffered from the global shipping slump. The sector has seen more than 20% cuts every month since April in the number of workers having employment insurance policies.
However, the total number of the country’s employment insurance policyholders rose by 2.4%, or 296,000, to 12.8 million in August from a year ago.