Persistent Youth Unemployment Challenges South Korea's Graduates

By IndraStra Global News Team

Cover Image Attribute: South Korean Commuters walk along a train station platform in Seoul on August 30, 2021. / Source: Anthony Wallace/AFP/Getty Images

Startling statistics have emerged, revealing that over 1.26 million young individuals in South Korea are grappling with unemployment following the completion of their studies. Data released on Sunday paints a concerning picture, indicating that on average, these recent graduates take more than 10 months to secure their first job.
The data, compiled by Statistics Korea, focused on the demographic of 8.42 million individuals aged 15 to 29. Within this group, 4.52 million had successfully completed middle school, high school, or college education as of May. Worryingly, a staggering 1.26 million among them remained jobless.
Delving deeper into the figures, it was revealed that approximately 52.86 percent of the unemployed youth were college graduates, and notably, around 1 percent, equivalent to approximately 12,000 individuals, held master's or doctorate degrees.
These findings also shed light on the aspirations and attitudes of the unemployed youth. Over 36 percent of them acknowledged being engaged in further studies as a means to secure employment, while 25.4 percent admitted to not actively seeking job opportunities.
Highlighting the challenging journey to employment, the data unveiled that, on average, it takes 10.4 months for these young graduates to land their first job. An alarming 15.3 percent, representing 591,000 individuals, disclosed that they had spent more than two years post-graduation preparing for employment.
The latest report from Statistics Korea on August 9 revealed that the seasonally adjusted unemployment rate in July saw a slight uptick to 2.8%, rising from June's figure of 2.6%. However, what's worth noting is that just a couple of months prior, in May, this rate had achieved a remarkable milestone by reaching an all-time low of 2.5% since the inception of this data series back in June 1999.
This data release has sparked concerns, particularly regarding the employment prospects of individuals in their 20s and 40s. Government statistics illustrate a decline in job opportunities within this age group, casting a shadow on their professional prospects. In contrast, the employment landscape for those aged 50 and above has grown substantially.
The challenge of youth unemployment continues to be a pressing issue in South Korea, prompting the government and stakeholders to explore strategies to bridge this employment gap and provide opportunities for recent graduates.

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