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Foreign workers in the Korean labour market: current status and policy issues

In: Globalisation and deglobalisation

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  • Seung-Cheol Jeon

    (Bank of Korea)

Abstract

The number of foreign workers in Korea is growing rapidly, increasing from 1.1 million in 2012 to 1.4 million in 2016. As a result, the impact of foreign workers on the labour market and Korean society is expected to increase. As industrialisation and income levels advanced from the late 1980s, a shortage of low-skilled workers developed. From the early 1990s, the industrial trainee system encouraged an influx of foreign workers. Currently, quotas for foreign workers are in place to ensure their orderly entry and management. The inflow of foreign workers is seen to have had a generally positive effect on the Korean economy, contributing to domestic economic growth by increasing labour input in industries that are less favoured by domestic workers, and easing the trend towards workforce ageing in the Korean labour market. But, as most foreign workers are engaged in low-skilled, low-wage occupations, the inflow has tended to exacerbate labour market polarisation and to delay the restructuring of marginal companies.

Suggested Citation

  • Seung-Cheol Jeon, 2018. "Foreign workers in the Korean labour market: current status and policy issues," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and deglobalisation, volume 100, pages 209-221, Bank for International Settlements.
  • Handle: RePEc:bis:bisbpc:100-13
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    Cited by:

    1. Seonho Shin, 2022. "Labor market impact of COVID‐19 on migrants in South Korea: Evidence from local outbreaks," Asian Economic Journal, East Asian Economic Association, vol. 36(3), pages 229-260, September.

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