The
issue of unemployment is fast becoming a global problem with several
higher institutiongraduates being under-valued at the labour market.
The job market for South Korean graduates is becoming tougher as a
record number of students look for work. Earlier this year youth
unemployment rose above 10 per cent for the first time in almost two
decades and stands at around 11 per cent – three times the overall
jobless rate, despite the country’s current high economic growth.
The squeeze on graduate employment has sparked headlines such as this one in the Korea Times, “University Graduates Face Fierce Competition to Become Janitors”.
The article referred to a survey of 66 applicants for janitor jobs
in one of the districts of the capital Seoul, a third of whom had
university degrees. The district hired only four of them – three with
university degrees and the fourth with a community college degree.
South Korea has the world’s highest proportion of students going on
to university – 70 per cent of high school graduates go on to higher
education, and an economic tightening has meant difficult times for
university graduates.
Labour Minister Lee Ki-kwon said earlier this year that young
jobseekers, including graduates who left university in February, could
face the toughest job market since the late 1990s when Asia faced an
economic crisis and the youth unemployment rate hit an all-time high of
13.4 per cent in February 1999.
In a survey conducted by the Korea Economic Research Institute and
released in October, of some 5,270 university students and recent
graduates, more than one third of respondents said they found it more
difficult to find a job this year than last year. Only 9 per cent said
the job market had somewhat improved.
Amid huge pressure from their parents that the only jobs worth
having are those with Korea’s top conglomerates, most jobseekers said
they hoped to work for high-paying jobs at conglomerates last year, but
in this year’s survey they seemed to turn to more secure public
companies – with a quarter saying they preferred the state-run sector.
According to a research paper released by Hyundai Economic Research
Institute in April, the number of entrants for the civil service
examination increased from 185,000 in 2011 to 257,000 last year, with
graduates attracted by the security of civil service jobs.
Students and young graduates voted in droves for President Moon
Jae-in who won the presidential elections in May, in part promising to
ease youth unemployment by creating more jobs in the public sector. He
described himself as the “jobs president” during his election campaign.
Moon has said he wants to convert contract workers to permanent
positions and create 810,000 new public-sector jobs over the next five
years, an increase of more than 60 per cent, which will cost the
government $18bn.
The government in July implemented blind recruitment, scrapping
educational background (to reduce an over-reliance on graduates from a
handful of top universities), age, photographs (which led to a boom in
plastic surgery), and height and weight statistics on applications for
public organisations.
The policy does not affect private sector companies, although the
ministry of labour has said it will push a new law against private
companies’ irrelevant and often intrusive questions on job applications.
Source: Punch
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