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South Korea lost 40,000 jobs in May from a year earlier, government data showed Thursday, marking the first decline in 17 months amid economic uncertainties in the wake of the prolonged Middle East conflict. The number of employed people came to 29.12 million in May, compared with 29.16 million a year earlier, according to data from the Ministry of Data and Statistics. It marked the first decrease since December 2024, when the number of jobs fell by 52,000 following former President Yoon Suk Yeo

The Korea Herald

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Canada, Korea deepen industry partnership with potential CA$100 billion economic impact

South Korea and Canada are expanding cooperation in energy security, critical minerals, strategic industries and supply chain resilience, a move that could generate more than 100 billion Canadian dollars ($71.91 billion) in economic impact for Canada while supporting tens of thousands of jobs. The expanded partnership was announced Tuesday following a meeting between Canada's Minister of Energy and Natural Resources Tim Hodgson and South Korea's Chief of Staff to the President and Special Envoy

AI boom reshapes Korea's status ladder

South Korea's AI chip boom is creating a new class of corporate elite. Jobs at Samsung Electronics and SK hynix, long prized for their salaries and stability, are increasingly being treated as status symbols in everything from college admissions and job searches to dating and marriage, as soaring AI-driven profits transform perceptions of the semiconductor industry. Online, the phenomenon has been dubbed "Samjeon-nix," a portmanteau of "Samjeon," Korean shorthand for Samsung Electronics and SK h

Forget elite universities. Semiconductor high schools are the new hot ticket

Admission to a prestigious university is no longer seen as the only path to success for some students in South Korea, as semiconductor-focused high schools gain popularity on the expectation that they can lead directly to jobs at major chipmakers. Korea Semiconductor Meister High School in Gyeongju, North Gyeongsang Province, decided to hold a second admissions information session on June 20 after turnout at the initial session held May 30 exceeded the 120 seats prepared by the school. “More stu

Woori Bank bets on SME succession as new growth pillar

Woori Bank is pushing into corporate succession for small and medium-sized companies as a new banking frontier, casting it as an economic issue tied to jobs, technology and supply chain stability as Korea's first-generation founders age without clear successors. At a press conference Monday in Seoul, CEO Jung Jin-wan said the bank would support what it calls "productive corporate succession" to prevent viable companies from closing or downsizing. "Corporate succession is not just a priority for

Hanwha Ocean highlights potential $68b GDP impact in Canada submarine bid

Hanwha Ocean is advancing its efforts to win a 60 trillion won ($39.8 billion) submarine bid from Canada, proposing an ambitious plan to boost the Canadian economy at CANSEC 2026, the country’s largest defense and security trade show. During the event — held from Wednesday to Thursday — the company engaged with Canadian government officials and industry leaders, emphasizing that it could generate more than 22,500 jobs and contribute 94 billion Canadian dollars ($68 billion) in GDP impact if it i

The Korea Herald

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Lee, ILO chief discuss S. Korea's global AI hub initiative

President Lee Jae Myung and International Labor Organization Director-General Gilbert Houngbo held talks at Cheong Wa Dae in Seoul on Friday to discuss the ILO's participation in South Korea's global artificial intelligence hub initiative. During the talks, Lee welcomed the ILO's decision to join Seoul's initiative and expressed his anticipation for the ILO's role in addressing the global trend of AI taking over human jobs. Lee also expressed his appreciation for the ILO's role in improving labo

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