<p>South Korea's unemployment rate surged to an 11-year high in December, while the number of employed plunged at the fastest rate in over two decades, as stringent Covid-19 curbs at home intensified pressure on businesses.</p>.<p>The seasonally adjusted unemployment rate jumped to 4.6% in the final month of 2020, up from 4.1% in November and the worst since January 2010.</p>.<p>For the 2020 year it stood at 4.0%, the highest since 2001, data from the Statistics Korea showed on Wednesday.</p>.<p>The data also showed the number of employed was 26.5 million in December, 628,000 fewer than a year earlier, marking the worst downturn since February 1999.</p>.<p>"Damages on retail, accommodation and restaurant businesses were the biggest strain for December figures," Statistics Korea official told Reuters.</p>.<p>Breakdowns showed workers at retailers, accommodation facilities and restaurants were the hardest hit last month, as the numbers of new jobs fell 511,000 from a year earlier.</p>.<p>Those at manufacturers also took a big hit with the number of new jobs falling 110,000 year-on-year.</p>.<p>South Korea raised its social distancing measures for the metropolitan Seoul area enforcing a ban on gatherings of more than 50 people and shutting most businesses including restaurants by 9 p.m, on Dec. 8.</p>.<p>The daily virus cases surged to a record level in late December, leading to more new restrictions, but that has slowed in recent days thanks to the nation's aggressive tracing and testing system.</p>.<p>South Korean president last week pledged to expand support for those vulnerable to job insecurity, including temporary workers, daily labourers and youth.</p>.<p>Asia's fourth-largest economy is set to shrink in 2020, the first contraction in 22 years, even as the government rolled out around 310 trillion won ($283.28 billion) worth of stimulus last year. Preliminary 2020 GDP data will be released later this month by the Bank of Korea.</p>
<p>South Korea's unemployment rate surged to an 11-year high in December, while the number of employed plunged at the fastest rate in over two decades, as stringent Covid-19 curbs at home intensified pressure on businesses.</p>.<p>The seasonally adjusted unemployment rate jumped to 4.6% in the final month of 2020, up from 4.1% in November and the worst since January 2010.</p>.<p>For the 2020 year it stood at 4.0%, the highest since 2001, data from the Statistics Korea showed on Wednesday.</p>.<p>The data also showed the number of employed was 26.5 million in December, 628,000 fewer than a year earlier, marking the worst downturn since February 1999.</p>.<p>"Damages on retail, accommodation and restaurant businesses were the biggest strain for December figures," Statistics Korea official told Reuters.</p>.<p>Breakdowns showed workers at retailers, accommodation facilities and restaurants were the hardest hit last month, as the numbers of new jobs fell 511,000 from a year earlier.</p>.<p>Those at manufacturers also took a big hit with the number of new jobs falling 110,000 year-on-year.</p>.<p>South Korea raised its social distancing measures for the metropolitan Seoul area enforcing a ban on gatherings of more than 50 people and shutting most businesses including restaurants by 9 p.m, on Dec. 8.</p>.<p>The daily virus cases surged to a record level in late December, leading to more new restrictions, but that has slowed in recent days thanks to the nation's aggressive tracing and testing system.</p>.<p>South Korean president last week pledged to expand support for those vulnerable to job insecurity, including temporary workers, daily labourers and youth.</p>.<p>Asia's fourth-largest economy is set to shrink in 2020, the first contraction in 22 years, even as the government rolled out around 310 trillion won ($283.28 billion) worth of stimulus last year. Preliminary 2020 GDP data will be released later this month by the Bank of Korea.</p>