Seoul: South Korea's jobless claims rebounded in February, driven by solid demand in the construction, business service, and manufacturing sectors, government data revealed Monday. The number of new applicants for job-seeking benefits rose by 25.1 percent from the previous year to 117,000 in February, reversing the single-digit decline observed in the previous month.
According to Namibia Press Agency, the increase in benefit applicants was noted across the construction, business service, manufacturing, and wholesale and retail sectors last month. Job-seeking benefits, primarily financed by the state employment insurance fund, are provided by the government to assist the unemployed in finding jobs.
The number of individuals receiving benefits reached 669,000 in February, marking a 6.9 percent increase from a year earlier. Additionally, the total disbursement of job-seeking benefits increased by 11.5 percent, amounting to 1.07 trillion won (735.1 million U.S. dollars) during the reported month.