S.Korean manufacturers see 4th Industrial Revolution's negative impact on employment

Source: Xinhua | 2018-06-26

Six out of 10 South Korean manufacturers saw a negative impact of the Fourth Industrial Revolution on employment, a central bank report showed Monday.

According to the Bank of Korea (BOK) report, 59 percent of 272 local manufacturers nationwide expected the Fourth Industrial Revolution to reduce employment.

Those forecasting an employment growth stood merely at 15.4 percent, with the remaining 25.6 percent predicting no change by the industrial transformation of the labor market conditions.

About or more than two thirds of manufacturers in the petrochemical, oil-refining, car and steel industries expected an employment reduction, caused by the Fourth Industrial Revolution.

Companies in the information and technology (IT) sector predicting a job increase by the industrial revolution stood at 46.2 percent, higher than 19.2 percent forecasting a job decline.

Almost 60 percent of manufacturers said the Fourth Industrial Revolution will have a significant impact on industries, citing improved productivity and reduced production costs.