SEOUL, KOREA - A study said the economy-wide loss from women giving up their jobs in order to concentrate on child rearing and homemaking is as high as 60 trillion won. LG Economic Research Institute said on May 28 in a report "Women's Income Loss from Career Quitting," "As of 2012, as many as 4.17 million women, 21 percent of the working population women in their age between 15 and 64, have given up their economic activity because of child care and housework.
Korea's female employment ratio in 2012 stopped short of 48.4 percent, up only 0.7 percentage point in ten years. The female employment ratio of Korea falls far short of those of OECD member countries whose average is 56.7 percent.
The report said that assuming the women who have stopped looking for jobs outside the home go out and get a job, the female employment ratio would shoot up to 63 percent, 14.6 percentage points higher than last year's. If they were employed, the report reckoned, the aggregate earned income last year by women workers would have been 276.5 trillion won, 60.2 trillion won more than the actual earned income of 216.3 trillion won.
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