Jobless rate for South Koreans in late 20s hits highest level since 2010
- HRM Asia Newsroom
- Topics: Asia-Pacific, Employee Experience, Home Page - News, News, South Korea
According to data released by the Bank of Korea, the number of unemployed South Koreans aged 25-29 has increased substantially since 2010.
The data showed that 2017 saw the biggest increase at 9.5%, compared to 6.9% in 2010. The number has been on the rise constantly since 2000, two years after the global financial crisis struck the nation.
In contrast, the same data found a significant drop in unemployment among Japanese people aged 25-29 since 2010. In Japan, the figure stood at 4.1% last year, less than half in Korea.
The differences between the two countries could be attributed to a wage gap and a lack of quality jobs in Korea.
Other contributing factors were the ongoing economic slowdown, the rapidly greying population, and the increasing number of temporary, low-paying jobs in Korea, the report concluded.
