[Graphic News] Self-employed ratio at record low

KB Financial Group and Statistics Korea reported that the ratio of the self-employed to employed in South Korea reached a record low of 22.1 percent.

There were 5.6 million self-employed in 2014, 1,000 more than in 2013.

But the overall ratio decreased as the number of employed increased by 550,000 last year, reaching 18.7 million.

The number of self-employed increased during the 1997 Asian financial crisis as many started their own business after losing their jobs, but decreased after the 2008 global financial crisis.

The ratio of self-employed to employed has been decreasing since 2001, when it was 28.1 percent, with the exception of 2012 (23.2 percent).

Experts said that more self-employed businesspeople are closing than launching businesses in heavily saturated areas such as retail, restaurants and lodging due to debts.

They suggested that the self-employed would need more education and financial support before starting a business.