Between 2013 and 2023, the labour costs in employment services in South Korea experienced an overall upward trend. In 2023, the value stood at 14.781 trillion South Korean Wons, up by 1.51% from the previous year. Over the past decade, notable yearly fluctuations included a decline of 6.3% in 2014 and a strong growth of 7.54% in 2018. The five-year compound annual growth rate (CAGR) as of 2023 was 1.3%.
Looking forward, from 2024 to 2028, labour costs are forecasted to grow at a CAGR of 1.07%, culminating in a total projected value of 15.819 trillion South Korean Wons by 2028. This forecast indicates a more moderated but consistent growth trajectory, with an overall growth rate of 5.48% over the next five years.
Future trends to watch for include potential impacts of automation, policy changes in minimum wage, and shifts in the employment landscape which could affect labour cost dynamics. Efforts to remain competitive in the global market and demographic changes could also play significant roles in shaping labour costs in this sector.
