[South Korea] 1 million people quit their jobs， the highest ever． The proportion of self-employed people is 23．5％ Japan 9．6％ ． The average length of employment at the top 200 companies is 9．5 years．

The number of businesses (individuals and corporations) in South Korea that reported going out of business in 2023 reached a record high of 986,487. In addition to the increase in the minimum wage, high interest rates and high prices have compounded the problem, resulting in a sharp increase in the number of self-employed people who are struggling to manage their finances. In South Korea, where there are many self-employed individuals, a worsening business environment for self-employed people could put downward pressure on economic growth. According to the National Tax Service of Korea, the number of businesses that went out of business in 2011 was 986,487, an increase of 119,195 from the previous year, the highest number since statistics began being collected in 2006. From 2020 to 2022, after the COVID-19 pandemic, the number of visitors fluctuated around 800,000 per year, but by 2023 it had expanded to nearly 1 million. Last year’s minimum wage was 9,620 won (about 1,000 yen), a 50% increase from six years ago. The policy interest rate was also kept at a high level of 3.5%, and cost-push inflation continued due to rising prices of imported raw materials and a weak won, putting pressure on the business of self-employed individuals. Looking at the business closures by type of industry, the majority were from the retail industry (276,535 people), service industry (217,821 people), and food and beverage industry (158,279 people). Consumption remains sluggish at present, and it is highly likely that businesses will continue to go out of business this year, particularly in the food and beverage, accommodation, wholesale and retail industries. The tight cash flow situation is also reflected in loan delinquency rates. According to the Bank of Korea (the central bank), the delinquency rate for self-employed individuals who took out loans from the “second financial sphere” (such as credit cooperatives and savings banks), which have looser lending conditions but higher interest rates, was 4.2% as of the end of March 2012, the highest since the end of June 2015 (4.3%). ■Self-employed ratio ranks 7th in the OECD. South Korea has one of the highest numbers of self-employed people in the world. According to the Organization for Economic Cooperation and Development (OECD), the proportion of self-employed people in South Korea’s economically active population was 23.5% as of 2022, ranking seventh among OECD member states. This is an extremely high level compared to other major countries such as the United States (6.6%), Germany (8.7%), and Japan (9.6%). The high number of self-employed people is due to the low average length of employment at a company. The average length of employment at South Korea’s 200 largest companies (as of 2021, ESG Happiness Economy Research Institute) is 9.5 years, less than 10 years. Many people leave their companies due to being fired or exhausted by the internal competition, and it is becoming more common for people to start their own businesses after quitting their jobs. ■Government support may also be a life-support measureIn response to the current situation in which businesses are closing one after another in a country with a high proportion of self-employed people, the South Korean government came up with a proposal for support measures in July. A budget of about 25 trillion won will be set aside to extend the repayment period for policy funds lent since the COVID-19 outbreak and to adjust the accumulated debt amount. However, there are concerns that this will only be a temporary life support measure for business owners struggling with debt. In addition to rising costs due to wage hikes, the number of businesses going out of business is expected to continue to increase unless the business environment improves, with sales declining due to sluggish consumption. If it becomes even more difficult to make a living as a self-employed person, this will develop into a problem for the livelihoods of middle-aged and senior people, so there is a need for fundamental support measures to improve the business environment for self-employed individuals.

【韓国】廃業者100万人で過去最多に　賃金などコスト増、自営業に打撃（NNA） - Yahoo!ニュース

韓国の2023年の廃業を届け出た事業者（個人および法人）が98万6,487人と過去最多となった。最低賃金の上昇に加え、高金利や高物価が追い打ちをかけ資金繰りに行き詰まる自営業者が急増している。個人

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