KATHMANDU
South Korea’s jobless claims fell last month due to lower demand in the education service, manufacturing, wholesale, and retail sectors, labor ministry data showed Monday. The number of new applicants for job-seeking benefits stood at 130,800 in March, down 9.1 percent from the same month of last year, according to the Ministry of Employment and Labor.
The number kept sliding for the second straight month after dropping in double digits in the previous month. The benefit applicants received was reduced in the education service, manufacturing, wholesale, and retail industries, but the reading in finance and insurance and the information and communication sector was added last month.
Job-seeking benefits are offered by the government to help the unemployed seek jobs, taking up the majority of unemployment benefits. It is financed by the state employment insurance fund. The number of benefit recipients totaled 654,600 in March, down 3.0 percent from a year earlier. It marked the first downturn in 14 months.
The total payment of job-seeking benefits diminished 6.2 percent to 969.6 billion won (716.7 million U.S. dollars) in the cited month.