South Korean manufacturers see 4IR’s negative impact on employment

Published: June 25, 2018 14:24:13 | Updated: June 27, 2018 12:58:43


Most South Korean manufacturers saw a negative impact of the Fourth Industrial Revolution (4IR), fourth major industrial era since the initial Industrial Revolution of the 18th century, on employment.

Six out of 10 manufacturers in the eleventh largest economic country of the world saw a negative impact of the 4IR, according to the Bank of Korea (BOK) report showed Monday.

The central bank reported that 59 per cent of 272 local manufacturers nationwide expected the fourth industrial revolution to reduce employment.

Those forecasting an employment growth stood merely at 15.4 per cent, with the remaining 25.6 per cent predicting no change by the industrial transformation of the labour 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 revolution, reports Xinhua.

Companies in the information and technology (IT) sector predicting a job increase by the 4IR stood at 46.2 per cent, higher than 19.2 per cent forecasting a job decline.

Almost 60 per cent of manufacturers said the 4IR will have a significant impact on industries, citing improved productivity and reduced production costs.

The possible negative impact from the revolution will be costs for new investment, stiffer competition and worse profitability, according to the report.

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