South Korea's National Statistical Office Survey Shows Nearly Half of Youth Graduates Have Not Found Jobs After One Year
South Korea's Long-term Unemployment Rate Among Graduates Hits 21-Year High
According to a survey by South Korea's National Statistical Office, nearly half of youth graduates who have not found jobs after one year, and the unemployment rate for those who have graduated for more than three years has reached a 21-year high.
As of May, the number of employed youth graduates aged 15 to 29 decreased by 202,000 year-on-year to 2.76 million, while the number of unemployed increased by 31,000 to 1.243 million; those unemployed for over a year accounted for 48.6%, and over three years accounted for 19.4%.
The worsening employment situation has driven youth to turn to civil service exams, with funding flowing towards public sector recruitment, while companies' preference for experienced workers and temporary employment has put pressure on youth employment.
Source: Public Information
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The issue of youth employment in South Korea has been long-standing, with a high proportion of graduates holding advanced degrees but a contraction in entry-level positions. Companies prefer experienced candidates and the increase in temporary employment has led to longer job search times and a historic low in first-time employment rates.
The capital flow reflects a mismatch in labor supply and demand, motivated by companies' desire to reduce trial risks and costs, while improved civil service benefits attract more youth to apply, creating a diversion between the private and public sectors.
Compared to the long-term unemployment issues faced by youth in Japan and Europe, South Korea is at a stage where high educational investment coexists with rigid employment market structures.
Essentially, this is a restructuring of the industrial chain, with mechanisms shifting the economic structure towards experience-oriented and flexible employment, making it harder for recent graduates to enter the job market and extending their transition period.
ABAB News · Cognitive Law
Experience preference is the biggest barrier for recent graduates
Long-term unemployment often solidifies after one year
Public positions serve as a pressure relief valve for the private market