The youth unemployment crisis in South Korea is a complex issue with deep-rooted causes and far-reaching consequences. Here’s a breakdown of the key factors contributing to this problem:
Key Factors:
World Economic Situation And Prospects: April Briefing, No
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Economic Downturn and Job Market Stagnation:
Economic uncertainties are leading companies to prioritize experienced hires, making it difficult for young graduates to secure stable employment.
The rise of ultra-short-term work indicates increasing job instability.
Mismatch Between Education and Job Market Needs:
There’s a significant gap between the skills acquired through education and the demands of the labor market.
Many highly educated graduates struggle to find suitable positions.
”Resting” Youth:
A growing number of young people are choosing to be economically inactive, often due to discouragement from repeated job rejections and a perceived lack of quality job opportunities.
Labor Market Structure:
The dominance of small and medium-sized enterprises (SMEs) with lower starting salaries and challenging work environments discourages many young job seekers.
The rise of gig work and freelance opportunities offers alternative, often more immediately lucrative, options.
Changing Values and Work Preferences:
Young people are increasingly prioritizing work-life balance and flexible work arrangements over traditional job security.
There’s a growing trend of entrepreneurship and freelance work.
Government and Local Initiatives:
The resilience of job-hunting youth during the global pandemic
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In response to the crisis, local governments are implementing various support measures, including:
Job-matching programs.
Financial assistance for job seekers.
Programs to enhance career exploration and job assistance.
Support for entreprenurial ventures.
These localised programs are attempting to fill the gap, while the central government is pressured to create more comprehensive solutions.
Consequences:
Covid: What do we know about global youth unemployment? – BBC News
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Increased social isolation and disillusionment among young people.
Economic risks due to a shrinking workforce.
Potential for long-term societal impacts.
The situation is evolving, and ongoing efforts are being made to address this critical issue.
Why Korea’s Youth Unemployment Rate Rises – KDI – Korea
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