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Korea’s Youth Unemployment Hits 15 Year High
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Korea’s Youth Unemployment Hits 15 Year High
  • By Jung Suk-yee
  • July 27, 2015, 03:15
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The number of unemployed Korean youth in their 20s hit a new first-half high, increasing concerns over the employment outlook of the country's younger generation.

According to Statistics Korea on July 26, the number of unemployed people aged between 20 and 29 reached an all-time high, standing at 410,000 in the first half of the year, breaking the previous record of 402,500 in the same period of 2000 just after the global financial crisis.

Korean young people also suffer from poor quality jobs as well as limited job opportunities. Among the 410,000, more than a third, or 34.8 percent, chose a part-time or temporary job as their first form of employment, ending employment within an average of 14.6 months.

The number of unemployed young Koreans in their 20s had hovered at the 330,000 level after the global financial crisis of 2008. The figure fell to 308,000 in 2013, but it rose to 380,000 last year, and reached 410,000 in the first half of this year, increasing by roughly 100,000 over the past two years.