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Korea Getting Ready For 4th Industrial Revolution

By March 10, 2017 at 7:22 am
The law allows businesses to conduct intra-corporate mergers and spinoffs that will exempt them from antitrust laws and stringent financial market regulations. (Photo : Getty Images)

Korea is set for the fourth industrial revolution as its labor market is least to be affected by this among the OECD member countries. This is highly attributed to the contribution made by the highly educated workers and investments in automation.

The Korea Development Institute together with the Korea Information Society Development Institute released a report telling that on average 9 percent of jobs across the 21 OECD nations are at risk of getting automated. But the risk for Korea only stood at 6 percent and this is the lowest among the member countries.

The other countries which are above the average in the ranking are Spain, Britain, Germany, and Austria with Austria as marking the highest 12 percent as reported by Korea Times.

While the Fourth Industrial Revolution will surely hit Korea, the country has been criticized for being so ill-prepared for the changes that are expected to eliminate the jobs. But the report which has been released said that the country's upfront investments in automation plus its highly educated workers will prevent the massive job losses.

The report also showed that the country has 531 industrial robots with 10, 000 employees when compared to Australia's 86, Britain's 71, and Switzerland's 119. This only shows that Korea has already seen automation making significant progress. This also means that the country will offset any negative effect of the Fourth Industrial Revolution.

Changes and dynamics in technology have always given birth to the latest technology and more job openings in order to give way to continued growth in most of the jobs. Once industries in Korea will grasp the job requirements needed by the latest technology and come up with a relevant education and some training system, Koreans will surely witness an increase in pay and reduced working hour.

Finance Minister Yoo Il-ho said that the Korean government will continue to pursue state-run R&D funds and deregulation to enhance the social and economic systems of the nation. This action will also guarantee that they will be appropriate for the changes brought about by 4th Industrial Revolution.

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