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OECD economic surveys: Korea 2016 : Labour market reforms to promote inclusive growth

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  • OECD economic surveys: Korea 2016
  • OECD
  • Organisation for Economic Co-operation and Development


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Title OECD economic surveys: Korea 2016
Similar Titles
Sub Title

Labour market reforms to promote inclusive growth

Material Type Books
Author(English)

OECD

Publisher

[France, Paris] : Organisation for Economic Co-operation and Development

Date 2016-05
Pages 46
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Social Development < Employment
Holding OECD
License

Abstract

Labour market reforms are essential to promote social cohesion by removing obstacles to employment, particularly for women, youth and older persons. In addition to reducing income inequality and poverty, such reforms would also sustain economic growth as Korea’s working-age population begins to decline in 2017. Breaking down labour market duality is crucial to reduce the wide wage disparity. Better conditions for non-regular workers would in turn promote greater labour participation. Increasing the take-up of maternity and parental leave, expanding the availability of high-quality childcare, reducing working time, narrowing the large gender wage gap and eliminating discrimination would also increase opportunities for women. Boosting youth employment from its current low level requires addressing labour market mismatch by better aligning the skills learned in school with those demanded by employers. Reducing the emphasis on seniority in setting wages by moving to more flexible systems and expanding training to improve the skills of older persons would allow them to extend their careers, thereby reducing old-age poverty.