A STUDY OF THE RISE IN YOUTH UNEMPLOYMENT PROBLEMS IN SOUTH KOREA AND ITS CONSEQUENCES

Abstract

This research aimed 1) To understand the overall trend of youth unemployment in South Korea 2) To study the current youth unemployment problems in South Korea 3) To analyse the consequences of South Korea’s youth unemployment problems for individuals, families, society and national economy. The high youth unemployment rate is not only rising in South Korea, but also around the world since the economic crises, including the 1997 Asian financial crisis and 2008 Global financial crisis. Comparing South Korea’s youth unemployment rate with other countries, South Korea’s youth jobless rate appears to be relatively lower than other OECD members. Nevertheless, the low level of youth unemployment in South Korea is also a cause for concern due to the “actually-felt rates” of youth unemployment being excluded from the official unemployment rate of South Korea. The current high youth unemployment rate for people in their 20s contains unique characteristics not found in older generations. For example, a large number of South Korean youth with higher education backgrounds have been facing a current lack of opportunity to enter the labour market. Moreover, the continuing drop in South Korean youth employment is soon likely to become a factor that accelerates the country’s Total Fertility Rate, or TFR, and aging society, since there are statistics that confirm that many of the younger generations delay marriage and starting families.