Jobless rate for South Koreans in late 20s hits highest level since 2010

The unemployment rate for Koreans in their late 20s is double that of Japan, and is at its highest since 2010.
By: | December 11, 2018


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.