S Korean top 500 firms to cut new hiring by 15%

Special Report:Global Financial Crisis

SEOUL, Dec. 26 (Chinese media) -- South Korean job seekers are to face greater

trouble as the country's top 500 firms plan to reduce new employment by more

than 15 percent, the Korea Times reported Friday.

According to the survey by Korea Chamber of Commerce and Industry (KCCI)

and Job Korea, the collective number of jobs to be offered by 500 companies

totals 18,845, down 16.5 percent from this year's 22,566, the report said.

The number of new jobs is insufficient considering the soaring number of

young job seekers in the country.

According to National Statistical Office (NSO) data released in August,

more than 2.5 million college graduates were not involved in economic activities

as of July, up 8.1 percent from a year earlier.

The NSO said country's overall unemployment rate inched up to a16-month

high of 3.3 percent in November as financially troubled firms are reducing

recruitment amid the economic slowdown.

Considering the widening gap between the supply and demand of jobs, the

competition is expected to be even more cutthroat next year than now.

"Both the government and business sector will have to cooperate to endure

the extended slump next year," said an official of KCCI.

Acknowledging the situation, the South Korean government announced

Wednesday it will provide 5.4 trillion won (4.1 billion U.S. dollars) next year

in a bid to stabilize the shrinking job market.