A study has shown that more than 1.2 million jobs will disappear in Korea in the next 20 years due to the Fourth Industrial Revolution.
At the research conference held at Grand Hyatt Seoul on the 26th, Pi-Touch Institute (President Kim, Seung Il), by applying new analytical methods to overcome the limitations of the previous studies, presented that about 1.24 million jobs would disappear just in Korea alone in the next 20 years due to the Fourth Industrial Revolution. Furthermore, Pi-Touch Institute pointed out that institutional measures through the ten major regulatory reforms are necessary to mitigate the impact of the Fourth Industrial Revolution on job reduction.
According to the study, the number of non-routine cognitive jobs such as software engineers, would increase by about 330,000 jobs due to the Fourth Industrial Revolution. On the other hand, the number of routine jobs such as parts assembler and non-routine manual jobs such as restaurant employees are expected to decrease by 580,000 jobs and 980,000 jobs, respectively.
Director La, Jung Joo and Research Fellow Kim, Kang Hyun, the presenters of this study at the conference, have identified the rate of job change, wage and demand for automated computers over time in accordance with the Dynamic Stochastic General Equilibrium (DSGE) models which have been expanded from the analytical models of the existing studies.
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