Young Koreans Can’t Find Work

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CHB

This year, youth unemployment rates have reached their highest since 1999, as more and more young Koreans are having difficulty securing a stable job after college.

The youth unemployment rate hit 9.9% in June, its highest rate since the number swelled to over 13% in February 1999 after the country suffered from the Asian financial crisis, according to KOSTAT Statistics Korea.

The rate is expected to grow even higher in the coming months as the retirement age for government and private workers extends by two years, to 60, next year, leaving many current workers in their jobs for at least a few more years.

The government is aiming to tackle this problem by hoping to create 200,000 jobs by 2017; however, only 35% of the jobs are planned to be permanent.

Many young Koreans are either returning to school or are delaying employment while hoping to land one of the more prestigious opportunities that may await them.

Two-thirds of South Koreans aged 25-34 have a college degree, the highest proportion in the Organization for Economic Cooperation and Development (OECD), according to Reuters.


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