South Korea's unemployment claims rise by 2.1% YoY to 86,000 in May

South Korea's unemployment claims rose last month amid growing worries about an economic slump, Labour Ministry data showed on Monday.

The number of new applicants for job-seeking benefits was 86,000 in May, up 2.1 per cent from the same month of last year, according to the Ministry of Employment and Labour.

It was down from an increase of 3.1 per cent in April, but the number rebounded this year on the mounting concerns about economic downturn, driven by the continued export fall and the faltering housing market, reports Xinhua news agency.

The benefit applicants increased in the construction, the information and communications, the lodging and eatery, and the manufacturing industries.

The job-seeking benefits are offered by the government to help the unemployed seek jobs, taking up a majority of unemployment benefits.

It is financed by the state employment insurance fund.

The number of the benefit receivers totaled 657,000 in May, up 3.3 per cent from a year earlier.

It kept an upward trend for the fourth straight month.

The total payment of job-seeking benefits increased 4.8 per cent to 1.06 trillion won ($821 million) last month.

The per-capita payment added 1.5 per cent to 1.62 million won in the cited month.

--IANS

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