Strategies For Reforming Koreas Labor Market To Foster Growth
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| Author | : Mai Dao |
| Publisher | : International Monetary Fund |
| Total Pages | : 20 |
| Release | : 2014-07-25 |
| Genre | : Business & Economics |
| ISBN | : 1498337155 |
While the Korean unemployment rates are currently among the lowest in OECD countries, the labor market duality and the underemployment in some segments of the population are important labor market challenges, and factors contributing to lower potential growth. The paper shows the benefits of comprehensive policy reforms aimed at increasing labor force participation and youth employment and reducing duality are likely to be considerable in the medium term.
| Author | : OECD |
| Publisher | : Org. for Economic Cooperation & Development |
| Total Pages | : 0 |
| Release | : 2018 |
| Genre | : Age and employment |
| ISBN | : 9789264201859 |
Currently, Japan has the highest old-age dependency ratio of all OECD countries, with a ratio in 2017 of over 50 persons aged 65 and above for every 100 persons aged 20 to 64. This ratio is projected to rise to 79 per hundred in 2050. The rapid population ageing in Japan is a major challenge for achieving further increases in living standards and ensuring the financial sustainability of public social expenditure. However, with the right policies in place, there is an opportunity to cope with this challenge by extending working lives and making better use of older workers' knowledge and skills. This report investigates policy issues and discusses actions to retain and incentivise the elderly to work more by further reforming retirement policies and seniority-wages, investing in skills to improve productivity and keeping up with labour market changes through training policy, and ensuring good working conditions for better health with tackling long-hours working culture.
| Author | : Yangkyoon Byeon |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2017-11-20 |
| Genre | : Business & Economics |
| ISBN | : 1484329937 |
Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model—which served Korea well in the past—has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea’s economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 160 |
| Release | : 2018-06-20 |
| Genre | : |
| ISBN | : 9264300821 |
Economic growth picked up in 2017, but reforms are needed to sustain Korea's convergence toward the income levels in the most advanced countries. Its labour productivity is 46% below the top half of OECD countries, reflecting problems in the service sector. In addition, productivity in small ...
| Author | : Mr. Andrew J Swiston |
| Publisher | : International Monetary Fund |
| Total Pages | : 38 |
| Release | : 2021-03-26 |
| Genre | : Business & Economics |
| ISBN | : 151357521X |
Korea’s economy has leaped to high-income status thanks to several decades of sustained high growth. However, population aging and shifts in global demand provide headwinds for future growth and Korea now faces the effects of COVID-19 on economic activity. This paper asseses the expected drag on potential growth from these factors and discusses policies that could provide offsetting upward momentum by facilitating structural transformation. We find that potential output growth slowed to about 21⁄2 percent before the COVID-19 pandemic and would have fallen to 2 percent by 2030, mainly due to demographic factors. Moreover, there is a possibility of scarring from the COVID-19 shock as adjustment frictions from structural rigidities interact with shifts in demand and supply patterns, lowering investment and labor force participation. At the same time, industry-level analysis suggests ample scope to raise productivity, especially in services where productivity gains have lagged. Addressing these rigidities could offset a large proportion of the expected downward pressure on potential output.
| Author | : Johanna Schauer |
| Publisher | : International Monetary Fund |
| Total Pages | : 36 |
| Release | : 2018-06-01 |
| Genre | : Business & Economics |
| ISBN | : 1484360915 |
Labor market duality is a complex and critical issue for many countries that can lower productivity, contribute to inequality and result in negative externalities. In this paper, I study duality in the Korean labor market and analyze its sources and potential policy options. I find that employment protection legislations and large productivity differentials are the key drivers of Korea’s duality. In addition, applying a general equilibrium search-and-matching model and calibrating it to the Korean economy, I show that well-calibrated flexicurity policies can significantly reduce duality and inequality and raise welfare and productivity. Notably, the introduction of all three pillars—flexiblity, a strong safety net and active labor market policies—is critical for its success. If only one pillar is introduced it can result in negative side-effects and might not reduce duality.
| Author | : Stella Tam |
| Publisher | : International Monetary Fund |
| Total Pages | : 25 |
| Release | : 2024-08-23 |
| Genre | : |
| ISBN | : |
This paper examines structural challenges facing the Korean labor market and analyzes the macroeconomic effects of potential labor market reforms. Our cross-country empirical analysis finds that easing of employment protection legislation tends to have positive macroeconmic effects during periods of strong growth but could turn contractionary in periods of slack. By contrast, increased spending on active labor market policies and reductions to the labor tax wedge tend to be more effective in periods of slack. Our analysis thus highlights the importance of considering economic and policy conditions when designing labor market reforms. Under the current disinflationary policy stance, the government’s focus on the working hour reform seems appriorate. With growth recovering, deregulation to reduce employment protection for regular workers can also be considered, combined with targeted support to vulnerable groups.
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 60 |
| Release | : 2011-06-01 |
| Genre | : |
| ISBN | : 926420167X |
Drawing on the OECD’s expertise in comparing country experiences and identifying best practices, the Better Policies series tailors the OECD’s policy advice to the specific and timely priorities of member and partner countries, focusing on how governments can make reform happen.
| Author | : Selim Elekdag |
| Publisher | : International Monetary Fund |
| Total Pages | : 21 |
| Release | : 2012-10-19 |
| Genre | : Business & Economics |
| ISBN | : 1475549210 |
Going forward, Korea faces two closely related challenges: sustaining economic growth against the backdrop of a rapidly aging population and ameliorating income inequality. This paper argues that a gradual increase in social spending could promote more sustainable and inclusive growth in Korea. In particular, simulation results suggest that social spending which supports labor market reforms can boost longer-term growth. However, despite rapid increases recently—albeit from a low base—there is still a social spending gap relative to Korea’s OECD peers. Because of several fiscal challenges in the coming decades, increases in social spending should be incremental, and would be usefully guided by a longer-term fiscal framework.
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 179 |
| Release | : 2017-02-21 |
| Genre | : |
| ISBN | : 9264269576 |
This report evaluates the comprehensive labour market reforms undertaken in Portugal in 2011-15. It reviews reforms in employment protection legislation, unemployment benefits, activation, collective bargaining, minimum wages and working time, and assesses the available evidence on their impact.
