À̹ÌÁö È®´ë Labor unrest and cost of layoffs in South Korea remain among the worst in the world, acting as a drag on the labor market competitiveness of Asia¡¯s fourth largest economy.
According to the Global Competitiveness Report released by the World Economic Forum, Korea ranked 73rd in labor market efficiency out of 137 countries surveyed in 2017, up four notches from the previous year.
The country ranked 24th in 2007 but plummeted to 84th in 2009 after the global financial crisis.
It scored relatively high on pay and productivity (15th) and capacity to retain talent (29nd), although slipping six and nine notches respectively from a decade ago.
It ranked near the bottom in terms of cooperation in labor-employer relations (130th) to be followed only by Uruguay, Nepal, Haiti, Chad, Croatia, Trinidad and Tobago, and South Africa.
Redundancy costs - the cost of advance notice requirements and severance payments when terminating a redundant worker - were also at the low end at 112nd.
Korea¡¯s rigid labor relations have shown limited improvement due to chronic distrust and resistance to streamlining, according to the Korea Economic Research Institute.
By Kim In-oh and Kim Hyo-jin
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]