Apkown starts! Today's theme is The Republic of Korea, a country where youth is perishing! How did it collapse? Is there really no foundation? When we look at macro indicators, when we look at the stock market, when we are interested in U.S. employment statistics, there are many things to consider! If employment is strong, it means the economy is good, so we have to raise interest rates a bit. If employment is a bit weak, we have to lower interest rates. Now, what about South Korea? When we look at it, thinking employment is the thermometer of the economy, looking at the chart now, the economic activity participation rate keeps rising, and the employment rate keeps rising too! The employment rate is 62.6%, the economic activity participation rate is 64.3%, and the unemployment rate is only 2.7%! It shows such indicators enjoying the best vocal cords after the statistics are compiled. However, looking at fortress articles, it is so common for moms to work while children play. How often does this kind of story happen? What is really happening?

I'm going to try it for a moment, but in conclusion, the average level of our economy has increased, right? However, the future jobs that young people want are not being created successfully, and the era has already passed. Too much money is being spent on jobs that young people do not want to pursue! And I think this is for very political reasons! Jobs that have not been created yet are not helpful on the table! Now, when it comes to organizing what needs to be organized, tickets will start falling like rain! If we look at employment statistics, has the number of low-quality jobs increased? Are these low-quality jobs? No, one of the criteria to evaluate this is in Korea, where there are regular jobs and non-regular jobs. Let's take a look together here! The number of wage workers has increased by 327,000, but among them, commercial employment has increased by a whopping 478,000! Has the quality improved? Temporary and daily jobs have actually decreased!

So, have we really written a lot of policies so far to increase regular employees? However, institutionally, if you work as a temporary employee for two years, you must be converted to a regular position, and because of such systems, the number of regular employees has increased significantly! Now, even though it's the minimum wage, it's a regular job! There are startups with a future and risks! By the way, young people go to regular jobs there, and if it's not a regular job, young people won't go, isn't that so? It's not just about getting a regular job that pays the minimum wage, but taking a little risk. It may not be a regular job, but there is a vision! Of course, most of them will end up in ruins, most of them will be broken, but if a few of them become a big hit, then growth momentum can be created there again, right? So, where do young people want to go? Well, rather than a regular job that pays the minimum wage steadily, they would probably prefer to try challenging something for the future once. They would like such work!

Such a story will continue for a long time from now on! Let's take a look at the meaning of mothers working and children playing by examining the statistics one by one! This is the employment statistics for 2023! When you look at it, a total of 327,000 people got employed! However, among them, 360,000 people were aged 60 and above! This indicates a decrease in the employment rate somewhere, right? For those under 60, it means a decrease of 39,000 people! While jobs increased, only jobs for those aged 60 and above increased! For those under 60, jobs actually decreased! So, just by thinking about it, when it comes to leading the future of our country's economy, whether it is the jobs for those aged 60 and above or the jobs for those under 60 getting employed, the answer seems quite clear, doesn't it? Now, let's look at this by gender once again! When we look at it by gender, out of the 327,000 people, 304,000 are women, and 24,000 are men. Women's social status is rising, isn't that the case? That's one way to look at it, but what exactly are the men doing?

When considering this based on people, men play and women work! Can you see this? Now, as women's work increases, men's work decreases. Once you see this, your perspective changes a bit! Now, let's summarize these two numbers together! We combined gender and age! While there are 24,000 male workers, there are 161,000 males over 60 years old, and -138,000 males under 60 years old! Not all men are not working; it's the men under 60 who are not working! Now, out of 303,000 women, 204,000 women over 60 work, and 99,000 women under 60 work! So, ultimately, looking at the content from a work perspective, the more work for women over 60 increases, and the work for men under 60 decreases! That's how you can see it! Now, let's see what the remaining people are doing together! There is something called the economically inactive population.

In the population engaged in economic activities, those who have found employment are called employed, while those who are not engaged in economic activities are called unemployed. People who are not in the job market, those who are not caught up in economic activities, are referred to as the non-economic active population. Surprisingly, the non-economic active population as a whole has decreased by 134,000 people! This means that the number of people not seeking work or not in a position to work has decreased! So, where did this decrease occur? Upon closer inspection, we see that there was a decrease of 140,000 people in childcare! Is it correct to say that not being able to work is the reason for engaging in childcare? By the way, the number of people not having children and not working to care for them has decreased. When we look at what has increased in the non-economic active population, we see that the number of people studying or taking classes has increased, as well as those with mental or physical disabilities, and those who are on leave, simply resting. When we summarize these three common points, what do we find? What should we do? When we talk about it, seeking employment is...

It's not just about being seen as unemployment rate. So, there are people who say, I study to get a job, and there are those who say, I just play around. When conducting a survey, isn't playing around a bit different? So, it boosts one's self-esteem! Well then, I feel a little sick... So, while studying, the number of people getting sick and taking time off is increasing. Although the overall non-economic activity population decreased by 134,000, the number of people studying and taking time off due to feeling unwell is increasing! This is the pain of youth(?). Although this phrase should not be written like this, it means that such things happen! So, in terms of employment, where is the most significant increase happening? What I consistently suggest is to not search for the cause in people, but to try looking for it in work! Therefore, the occupation that has increased the most is the healthcare and social welfare services industry! Now, let's take a look at the characteristics here once again, and let's just think about it simply!

When it comes to healthcare, nurses, medical assistants, caregivers, and dental hygienists are usually in the healthcare industry. On the other hand, social welfare services are more related to care, right? So, when we think about it, who works on the care side and who works on the health side? Both fields commonly have a high proportion of female workers! Particularly in the healthcare sector, there are many young women looking for jobs! What kinds of professions are there in the healthcare industry? Nurses, medical assistants, dental hygienists! These are all jobs that many young women are pursuing! On the other hand, in the social welfare services industry, there are many middle-aged women working! Looking at the two fields with the highest employment growth, healthcare and social welfare services, the healthcare industry has seen a decline in growth rate! The increase rate has significantly dropped, hasn't it? Have the growth rates of nurses and medical assistants decreased?

Yes! And the social welfare service industry is rapidly growing! Even looking at the indicators, did it not drop much? So, from this perspective, when we look at it from an employment aspect, it's a bit different! So, when we look at these statistics, young people are not working, while mothers are going out to work, thinking, The problem is that children are not working, It's a problem of laziness. It's a bit difficult to see these kinds of issues as problems... When young people get a job, they report on the future! Well, even though there is no need to eat right now or buy anything, is it not good to go out and work instead of resting? You may think so, but we openly know that where we first get a job will greatly influence my life until the end. In fact, it's not just a matter of feeling, you can also confirm it with statistics created by KDI, such as the university ranking wage premium indicator! What can I say about this,

After determining the order of four-year colleges, dividing them into five quantiles, with the highest being 5 and the lowest being 1, the average wage of graduates was extracted! As a result, there is about a 25% difference in the ratio even at the age of 20, and then the disparities increase rapidly to 34, 46, and 51%! If you graduate from a good university and get a good job, the wage gap will continue to widen until your 40s, and even when you retire, that gap cannot be eliminated! Does this mean that once you enter university, your lifelong wages are determined? Yes, unfortunately. If you graduate from a good university and enter a good workplace, your wage gap will be at the top for your entire life! So when we tell young people, Just enter somewhere suitable, and if you work hard, you should eventually succeed, statistically, those words are incorrect! So, where do young people mainly work? Although I did not bring statistical values today, there are many riders among the young workforce!

Are riders the ones who deliver to us? So, even if we simply consider the characteristics of that profession, when we come to deliver chicken, do mainly adults come or do many young people come? Young people come! Do many young people come? Can riders just do their best? Yes, the more deliveries, the higher my income will be! Is there anyone who forces anyone to do anything? So, rather than giving minimum wage to young people, they go to small businesses, and even if they receive the same minimum wage, it's simple labor, being a rider! And if riders work hard, they will receive many deliveries, right? They will go more towards such people! Now, let's look at what structural problems there are. For example, in the case of manufacturing, if you are used to working overtime, you can receive a lot of salary! No matter how bad the manufacturing is, if you work overtime until late at night.

I was able to get a minimum annual salary of 4,000 to 5,000! However, for such a part, they keep a lot of work for me, but this is an indicator called interest coverage ratio announced by a South Korean bank. It shows what percentage of the money earned by a company is used to pay interest, no matter what kind of company it is. If it is less than 100%, it means that the company cannot earn enough money to repay the interest! If a company earns money and repays interest, what remains is over 100%! However, if it does not reach 100%, it means that the ability to generate cash is decreasing! Among these companies, an astonishing 42.3% out of 10 cannot even repay the interest? It means they cannot repay the interest! However, if it is 42%, even though it is high, is it just a temporary problem? Looking at it, even before that, saying it was okay is over 40%! Let's simply think about it! Companies earn money but cannot repay the interest. However, if such companies improve the treatment of their employees,

Can companies pay wages above the minimum wage? Unlikely... But isn't it rare? So, can these companies invest for the future and dream of a better future there? Unlikely... Is that impossible? Of course, we should separate here! What part of this company's future is bright, so by continuously investing for future growth, they can try investing for a better future, even if it means earning a little less money! It's possible. On the other hand, when industries break down and become obsolete, how can companies that cannot earn money or repay interest continue to exist? It's a bit painful, but there may be significant issues in our country's small and medium-sized enterprise policies, and small and medium-sized enterprise support policies! Perhaps there are significant problems with the amount of support provided to small and medium-sized enterprises, as the government supplies policy funds equivalent to 22 trillion won annually, 47% of the budget.

We are fostering small and medium-sized enterprises! The scale of government-guaranteed loans for small and medium-sized enterprises exceeds 40% compared to 4% of GDP and an OECD average of 0.1%! Although the scale of direct support has a wide range of items and cannot be aggregated, everyone would understand that a lot of support is being provided to small and medium-sized enterprises! However, regardless of the political party or government in power, would they sympathize with the need to utilize and foster small and medium-sized enterprises? That's why we are carrying out so many support initiatives! Even just looking at the supporting organizations, the Mid-term Venture Division, Promotion Corporation, Promotion Institute, Distribution Center, Entrepreneur Promotion Institute, and Promotion Corporation are supporting small and medium-sized enterprises through various policies, but who would oppose policies that support small and medium-sized enterprises here! Once it becomes a pillar of the Korean economy and grows, who would oppose this? Well, it's not about that; it's about the lack of growth potential and not putting in much effort! Because the future is unclear!

Currently living, it is not the case that things will go well if you work hard. Only companies that survive with government support to maintain the status quo have increased. Do young people really want to go there for such jobs? No, if you think it will contribute to creation, it's becoming less desirable. Another point I would like to mention here is that in the past, supporting a job was difficult to create employment. Work is the best welfare is a famous saying, isn't it? Work is welfare, this is the right word! Because if this employment disappears and the people there become unemployed, those people will once again have to be supported by the government, so maintaining employment is welfare and it was possible to reduce the burden of government policy funds! However, the world has changed a lot now, and the strength of companies with low interest rate compensation ratios and no growth is

It has become even weaker! And foreign workers argue that they have to fill the void because young people do not want to do this kind of work in the end! In the past, work was welfare! Therefore, even for zombie companies that cannot survive without low interest rates and growth, there was a justification for providing support because the purpose was to maintain employment. However, now, not only are young people not going for such jobs, but they have to hire foreign workers? As a result, the answer comes out that Korea needs to sustainably use policy funds to maintain employment by hiring foreign workers! Is that right? Using Korea's budget to create jobs for foreigners? Isn't that strange? But please don't do it anymore. So, here we have to make a choice! Something about an economic scale of GDP 10,000 dollars, 15,000 dollars.

At times like this, the industries are different, and in the current situation where it exceeds $30,000, the industry is different! In the past, when it was around $15,000, employment was maintained continuously, but the situation was that industrial competitiveness was lost. Therefore, continuous policy support was needed, and we should not provide policy support, so we have to lower wage levels. When we try to lower wage levels, our people do not find jobs, and we have to bring in foreign workers to maintain employment. How much money are we spending to continuously support employment? So, here, we will not talk about the total amount of how much money! So, where do we need to allocate funds a little more? When we think about it a little, it seems to change! In order to survive the employment of the $15,000 era and the companies that engage in such employment, which cannot earn money and pay interest, we cannot even improve the treatment of staff.

Instead of eroding competitors, if we talk about eroding competitors, for example, we have to sell for 10,000 won, but we only sell for 8,000 won! And fill in 2,000 won with government support. Then, if the cost is 12,000 won, companies that can be bought spontaneously must be at least 12,000 won or more, and after such companies aggressively innovate, when the remaining companies collapse, they absorb everyone and form economies of scale, and by forming those economies of scale, they continue to lower costs and continue to innovate. Such companies cannot emerge! Because other companies are selling for 8,000 won...! So in the end, without employing our people, without growth, rather, spending too much money to support companies that grab the ankles of innovative companies! Even if we spend money on top of that, we should instead have a source of funds for innovative companies to emerge.

The parts that are eroding! This is the stark reality of South Korea that the current employment statistics are showing! However, this part is not just a domestic story, it is from the OECD Economic Report on South Korea! When zombie companies exit, they can flow into human resources and innovative companies. If zombie companies engage in a game of chicken based on support funds, competing companies can also turn into zombies and negatively impact the employees. Is this the content of the OECD report written from an external perspective on South Korea? Therefore, it does not mean that we should not support small and medium-sized enterprises! Small and medium-sized enterprises should aim for business growth, and it is difficult to keep zombie companies alive. However, South Korea is already progressing with nearly a thousand projects to support small and medium-sized enterprises! Support measures to enjoy economies of scale for small and medium-sized enterprises are necessary to improve productivity.

Support is needed, and support for life extension is not desirable! This is the kind of conversation we are having! Furthermore, we must recognize the real changes of the times! It is difficult to acknowledge that our economic structure has changed now that we have entered an era ranging from $15,000 to $30,000 for the first time in almost 10 years! In the past, we believed that having many regular employees would lead to stable employment, so we focused on those aspects and provided continuous support to such companies! Even small and medium-sized enterprises were encouraged to hire regular employees regardless of productivity, and if a company had to shut down due to insufficient productivity, we supported their survival through assistance! Now, when we look at it, why are mothers going out to work? When we think about it, in their youth, their careers were cut off due to the lack of social infrastructure, but now, as the number of workers entering the social welfare service industry increases, how will this contribute so much to the future of the Korean economy?

That's it! And this kind of work will increase as the elderly population grows! However, can this become a new driving force for our country, and not just by relying on the younger generation to work and receive minimum wage? Will we encourage children to work by saying, Your future will be the same as the minimum wage increase rate? Instead, it's a regular job. Should we support policy funds to create many jobs where they can try something new and challenge innovation, regardless of whether they are regular or non-regular employees? We need to make decisions about this! However, when we consider how much support we have really provided for their innovation, as I mentioned earlier, in fields where there is no innovation and it has become a specification industry, innovation can lead to the collapse of companies!

If we target such companies, for example, if I create an innovative used car platform and try to create an economy the size of the real used car market, what did we say? We accused them of encroaching on the alley business area and suppressed them! Isn't being a rider a slightly different profession from simple labor jobs that young people used to do? However, without innovative companies like delivery service providers and cooperatives, even such employment that many young people engage in might not have been created! Therefore, every time disruptive innovation occurs, the part of government support and policies to protect that industry in the region has rather hindered innovation, beyond reducing support to here, making it impossible to move this industry! At that time, our young people said, I'll rest, it hurts, I'll study.

Do we simply have to criticize, Oh, it seems like the children of the fortress are missing the military aircraft? Or do we need to worry about how much further support we should provide for areas where innovation can occur, tailored to the changed size of the South Korean economy, because there is no infinite amount of support funds, and we seriously need to consider that we have no choice but to reduce support for existing companies that prolong their life? However, it's not easy! As we mentioned for the first time, there are many people engaged in prolonging their lives while receiving existing support, and support for those people receives considerable political power! However, since there are no people running the business in the area where something can be created through innovation and regulatory reform, it won't work out well as a ticket! And when talking to friends who are studying to challenge such things, it's painful when they are resting.

Even if those people bring innovation and regulatory reform, will that make you support that political force? That part is not explainable by the results but by the causes. Therefore, the reality of Korea's new growth engine, which has decreased significantly, is shown by employment statistics. Through these employment statistics, we can see our future. The answer is clear, but it seems very difficult to achieve liberation. I would like to say a few words. This is not a story that should not be supported. Let's worry about where more support is needed! Anyway, instead of supporting zombie companies that create jobs for foreigners with written taxes, wouldn't it be better to use it to create jobs that young people want to do? I want to talk about this. Even if small and medium-sized enterprises are slightly stagnant, we must do something to improve the treatment of our real workers and to grow our industries! Keep moving forward, keep working hard!

We must definitely provide support! So, I would like to emphasize that this is not about discussing where to provide support, or whether to provide support. Our young people are not that lazy. Everyone is doing well! What more our adults can do is important!

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