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.
The Latest Haps
Discontent with the current president Park Geun-hye has apparently spread to her father.
A court in Guam has sentenced a Korean Air passenger who pleaded guilty to fighting with a flight attendant after being refused a beer, to more than two years in prison.
A massive morning fire yesterday has injured two fire fighters and burnt more than 500 stores in the largest traditional market in Daegu.
Some female cast members of SNL Korea are under fire after a video of them sexually grabbing a popular K-pop boy bands genitals has sparked outrage on Korean social media.
The City of Busan has released its newest branding film entitled “Busan Brand Film” in hopes of promoting the city domestically and internationally.
As an international traveler, you are used to the idea of various countries using different measures to refer to the same thing.
The annual Busan International Women’s Association’s “Christmas Bazaar” returns once again Saturday, December 3, from 10:00 a.m. to 4:00 p.m. at the Haeundae Grand Hotel 2nd Floor.
Mark your calendar: “Movember” has returned and HQ Gwangan is rewarding all those involved with a big bash at the beginning of December.
Convenience store 7-11 has rolled out a nutritious option to its quick food grab line with a “Red Ginseng Chicken Breast” triangle kimbap.
Burger & Pasta will open their newest location in Seomyeon in mid-December according to the company.
Busan has a ton of great attractions to meet your tourist needs. Dynamic Busan Magazine introduces a few great places to get you started.
Here’s a look at some festivals going on around the nation this December if you’re looking to get out and about.
South Korea’s Incheon Airport has successfully finished an onsite ‘Experience the Wonders of Korea’ campaign as a part of 2016 Brand communication campaign for foreign passengers.
Busan Sports Council says that it will test-operate the Busan Indoor Tennis Facility in Sajik-dong for free starting today for 16 days to celebrate its opening.
Just in time for the Pyeongchang 2018 Winter Olympics, the South Korean luge team is about to get a German import.