A Million Young Koreans Aimless: Unemployed, Underemployed, or Taking a Break
Encourage Youth Employment: Addressing South Korea's Job Shortage Issue
Currently, the population of young South Koreans who are unemployed, actively seeking work, or taking a break from job hunting totals 1.2 million. These troubling figures were captured in a snap taken at the Seoul Western Employment and Welfare Plus Center as job-seekers browsed employment postings (YONHAP).
South Korean streets echo with the footsteps of young people searching for their path. On Feb 16th, they walked the streets of Noryangjin, Dongjak District, Southern Seoul (YONHAP). The jobs sector is undergoing change, and youth employment is one of the areas feeling the brunt of it.
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Filipino caregivers descended upon Incheon International Airport on August 7, 2024 (JOINT PRESS CORPS).
This piece is a translation of an article from JoongAng Ilbo, using state-of-the-art AI and revised by our in-house team.
Why is the Youth Employment Crisis in South Korea Persistent?
Several factors contribute to the ongoing youth employment crisis in South Korea:
- Disparity between Education and Job Market Expectations: There's a high number of jobless individuals, particularly highly-educated young South Koreans, pointing towards a gap between the skills offered by the educational system and the job market's demands.
- Economic Inactivity: Underlying factors driving this trend include burnout, psychological issues, a lack of desire for employment, and a focus on self-improvement, education, and personal growth.
- Demographic and Labor Market Challenges: South Korea is facing a shrinking population and an aging labor force, which can reduce job opportunities for the younger generation. The transition towards more flexible or unstable employment arrangements signs further contribute to the declining stable youth employment.
- Rise in Unstable or Ultra-Short-Term Jobs: Many youngsters find themselves in unstable or temporary roles that offer insecurity and lack the stability of permanent employment. This phenomenon intensifies the perception that fewer stable job opportunities exist.
- Escalating Youth Unemployment Rates: Although the general unemployment rate remains relatively low, the youth unemployment rate has seen a continuous climb, indicating the presence of deeper structural issues in the labor market.
These factors compound to create the persistent youth employment predicament in South Korea, despite wage jobs on the rise in other sectors.
- The persistent youth employment crisis in South Korea is attributable to a disconnect between the skills provided by the education system and the job market's requirements, resulting in a high number of jobless, highly-educated young South Koreans.
- Economic inactivity among the youth is driven by burnout, psychological issues, a lack of desire for employment, and a focus on self-improvement, education, and personal growth.
- South Korea's youth employment challenges are further exacerbated by demographic and labor market issues, such as a shrinking population, an aging labor force, and the transition towards more flexible or unstable employment arrangements.
- The rise of unstable or ultra-short-term jobs in South Korea contributes to job insecurity and a lack of stable employment opportunities for young people, intensifying the perception that fewer stable job opportunities exist.
- Despite an increase in wage jobs in other sectors, the youth unemployment rate in South Korea continues to climb, highlighting the presence of deeper structural issues in the labor market.
- Policy-and-legislation, government, international, business, politics, culture, technology, industry, economy, and general-news sectors should take note of these factors and work towards solutions to address the persistent youth employment crisis in South Korea.
