Labor market, S1 - Firing costs in South Korea
South Korea: Labor market, S1 - Firing costs was 0.8765 in 2014. ▲ Rising
Labor market, S1 - Firing costs in South Korea, 1973–2014
Source: International Monetary Fund.
Analysis
South Korea recorded 0.8765 for labor market, s1 - firing costs in 2014. That is the highest value across all 42 years on record.
Compared with earlier readings it is unchanged over ten years.
Over the whole period, labor market, s1 - firing costs in South Korea peaked at 0.8765 in 1997 and was at its lowest, 0.8148, in 1973.
South Korea ranks 12th of 90 countries on this measure, in the top quarter.
The long-run direction has been consistently rising across the 42 years of available data.
Labor market, S1 - Firing costs in South Korea, year by year
| Year | Value | Change |
|---|---|---|
| 1973 | 0.8148 | — |
| 1974 | 0.8148 | +0.0% |
| 1975 | 0.8148 | +0.0% |
| 1976 | 0.8148 | +0.0% |
| 1977 | 0.8148 | +0.0% |
| 1978 | 0.8148 | +0.0% |
| 1979 | 0.8148 | +0.0% |
| 1980 | 0.8148 | +0.0% |
| 1981 | 0.8148 | +0.0% |
| 1982 | 0.8148 | +0.0% |
| 1983 | 0.8148 | +0.0% |
| 1984 | 0.8148 | +0.0% |
| 1985 | 0.8148 | +0.0% |
| 1986 | 0.8148 | +0.0% |
| 1987 | 0.8148 | +0.0% |
| 1988 | 0.8148 | +0.0% |
| 1989 | 0.8148 | +0.0% |
| 1990 | 0.8148 | +0.0% |
| 1991 | 0.8148 | +0.0% |
| 1992 | 0.8148 | +0.0% |
| 1993 | 0.8148 | +0.0% |
| 1994 | 0.8148 | +0.0% |
| 1995 | 0.8148 | +0.0% |
| 1996 | 0.8148 | +0.0% |
| 1997 | 0.8765 | +7.6% |
| 1998 | 0.8765 | +0.0% |
| 1999 | 0.8765 | +0.0% |
| 2000 | 0.8765 | +0.0% |
| 2001 | 0.8765 | +0.0% |
| 2002 | 0.8765 | +0.0% |
| 2003 | 0.8765 | +0.0% |
| 2004 | 0.8765 | +0.0% |
| 2005 | 0.8765 | +0.0% |
| 2006 | 0.8765 | +0.0% |
| 2007 | 0.8765 | +0.0% |
| 2008 | 0.8765 | +0.0% |
| 2009 | 0.8765 | +0.0% |
| 2010 | 0.8765 | +0.0% |
| 2011 | 0.8765 | +0.0% |
| 2012 | 0.8765 | +0.0% |
| 2013 | 0.8765 | +0.0% |
| 2014 | 0.8765 | +0.0% |
South Korea compared with similar countries
- South Korea's 0.8765 is above the median for high income countries, which is 0.7347, 1.2× the median. (37 countries reporting)
- South Korea's 0.8765 is above the median for East Asia & Pacific, which is 0.6113, 1.4× the median. (12 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 0.8148 | 0.8148 | 0.8148 | 7 |
| 1980s | 0.8148 | 0.8148 | 0.8148 | 10 |
| 1990s | 0.8333 | 0.8148 | 0.8765 | 10 |
| 2000s | 0.8765 | 0.8765 | 0.8765 | 10 |
| 2010s | 0.8765 | 0.8765 | 0.8765 | 5 |
Countries ranked near South Korea
- 9 Netherlands 0.8912 compare
- 10 Burkina Faso 0.8833 compare
- 11 South Africa 0.8788 compare
- 12 Jordan 0.8765 compare
- 14 Romania 0.8759 compare
- 15 Italy 0.8743 compare
More work & labour data for South Korea
- Persons outside the labour force (ILO modelled estimates) 16,840 (2027)
- Labour force participation rate (ILO modelled estimates) 63.91 (2027)
- Labour force (ILO modelled estimates) 29,824 (2027)
- Unemployment rate (ILO modelled estimates) 2.96 (2027)
- Labour dependency ratio 0.78 (2027)
- Output per worker, GDP constant 2021 international $ at PPP 97,052 (2027)
- Output per worker, GDP constant 2015 US $ 65,686 (2027)
- Employment-to-population ratio (ILO modelled estimates) 62.02 (2027)
- Persons outside the labour force (ILO modelled estimates) (15+) 0.9719 % change on previous year (2027)
- Labour force (ILO modelled estimates) (15+), annual growth rate -0.1065 % change on previous year (2027)
Frequently asked questions
- What is labor market, s1 - firing costs in South Korea?
- Labor market, s1 - firing costs in South Korea was 0.8765 in 2014, according to International Monetary Fund.
- What is the highest labor market, s1 - firing costs recorded in South Korea?
- The highest recorded value was 0.8765 in 1997.
- What is the lowest labor market, s1 - firing costs recorded in South Korea?
- The lowest recorded value was 0.8148 in 1973.
- How does South Korea rank for labor market, s1 - firing costs?
- South Korea ranks 12th out of 90 countries with data for 2014.
- Is labor market, s1 - firing costs rising or falling in South Korea?
- Over the last ten years it is unchanged. The long-run trend across the full record is rising.
- Where does this South Korea data come from?
- The figures come from International Monetary Fund, published as part of Labor market, S1 - Firing costs. Statizoid updates them automatically from the source API.
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About this data
The SRD contains data on a wide range of structural policies across different countries. These policies are things that affect how markets function, like labor laws, regulations on businesses, and trade policies.