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Link to original content: https://www.statista.com/statistics/1233336/south-korea-composite-labor-underutilization-rate/
South Korea: composite labor underutilization rate 2023 | Statista

Composite labor underutilization rate South Korea 2015-2023

Published by L. Yoon, Jun 28, 2024

In 2023, the combined rate of labor underutilization in South Korea declined to approximately nine percent, marking a decrease compared to the previous year. This measure encompasses individuals in temporary underemployment as well as those who are part of the potential labor force.

Composite rate of labor underutilization in South Korea from 2015 to 2023

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Release date

May 2024

Region

South Korea

Survey time period

2015 to 2023

Supplementary notes

The composite rate of labor underutilization is one of the labor underutilization indicators of the International Labour Organization (LU4 indicator) and is calculated as [(persons in time-related underemployment + persons in unemployment + potential labor force) /(labor force + potential labor force)] x 100.

It captures the unemployment situation in a broader way by including the unemployed who are not covered by the unemployment rate, such as people who wanted employment but have not sought work in the past four weeks or people in time-related underemployment who wanted or were able to work additional hours.

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