South Korea: combined rate of unemployment and potential labor force 2021

In 2021, the combined rate of unemployment and potential labor force in South Korea reached about 9.7 percent, showing a decrease from the previous year. The combined unemployment and potential labor force rate in 2020 in South Korea showed the highest increase since 2015.

Combined rate of unemployment and potential labor force in South Korea from 2015 to 2021

Characteristic	Combined rate
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Release date

April 2022

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Region

South Korea

Survey time period

2015 to 2021

Age group

15 years and older

Supplementary notes

The combined rate of unemployment and potential labor force is one of the labor underutilization indicators of the International Labour Organization (LU3 indicator) and is calculated as [(persons in unemployment +potential labor force) / (labor force + potential labor force)] x 100.

It captures the unemployment situation more broadly by including the unemployed who are not covered by the unemployment rate, such as people who wanted employment but have not sought work in the past four weeks.

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