Nearly 60 Pct Of S. Korean Manufacturers Expect 4th Industrial Revolution To Hurt Jobs

Nearly six out of 10 South Korean manufacturing companies forecast that the upcoming fourth industrial revolution will weigh heavily on employment, especially in labor-intensive sectors, a survey said Monday.

SEOUL, (APP - UrduPoint / Pakistan Point News - 25th Jun, 2018 ) :Nearly six out of 10 South Korean manufacturing companies forecast that the upcoming fourth industrial revolution will weigh heavily on employment, especially in labor-intensive sectors, a survey said Monday.

According to the poll of 272 manufacturers conducted by the Bank of Korea (BOK), 59 percent said the fourth industrial revolution will lead to a decrease in employment, while 15.4 percent said it would lead to a rise in new jobs.

By sector, 71.4 percent of petrochemical and oil refinery firms gave the pessimistic response, along with 68.

4 percent of automakers and 62.5 percent of steelmakers.

On the other hand, in the information and technology field, 46.2 percent anticipated the fourth industrial revolution bringing about an expansion in employment opportunities, while 19.2 percent had a grim outlook on jobs.

In order to deal with the IT-led industrial paradigm shift, the survey also revealed that companies are preparing innovate their production process first and invest more in infrastructure.