Report on “AI and Labor Market Changes” published
Jobs with high exposure see reduced employment and lower wage growth
The Bank of Korea has announced the jobs that will disappear in the future.
On the 16th, the Bank of Korea published a BOK issue note report titled “AI and Labor Market Changes.”
Han Ji-woo, a researcher at the Employment Analysis Team, and Oh Sam-il, the team leader, stated, “High-income, highly educated professionals face high exposure to AI technology,” and “Jobs with high exposure are likely to experience a decrease in employment and a lower wage increase rate.”
In the report, they identified tasks that could be performed with the advancement of AI technology and analyzed how much each job is focused on these tasks to calculate an AI exposure index.
Jobs with High AI Exposure
As a result, chemical engineering technicians, power plant operators, and metal materials engineering technicians were among the jobs with a high exposure index. These jobs have a common feature of being suitable for improving efficiency using large data sets.
High-income jobs such as general physicians (top 1%), specialist doctors (top 7%), accountants (top 19%), and asset managers (top 19%) also had high exposure.
Predictions suggest these jobs will decrease as AI replaces non-repetitive, cognitive analytical tasks.
Jobs with Low AI Exposure
On the contrary, jobs in accommodation and food services, arts, sports, leisure, and other face-to-face services had a low AI exposure index. These are mainly jobs where face-to-face contact and relationship building are essential, such as university professors, singers, and clergy.
The Role of Soft Skills
The Bank of Korea predicts that with the introduction of AI, the demand for STEM (Science, Technology, Engineering, Mathematics) skills is expected to stay robust, but at the same time, soft skills like social skills, teamwork ability, and communication skills, which AI cannot perform, are likely to be more highly rewarded in the future.
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