Unemployment Rate for Graduates in South Korea Reaches 21-Year High

A survey released by South Korea's national statistical agency shows that nearly half of young people who graduated more than a year ago have not found jobs, with the unemployment rate for those who graduated over three years ago reaching a 21-year high. As of May this year, the number of employed youth aged 15 to 29 decreased by 202,000 year-on-year to 2.76 million, while the number of unemployed increased by 31,000 to 1.243 million. Among unemployed youth, 48.6% have been jobless for over a year, an increase of 2 percentage points compared to the same period last year, marking the highest level since the global financial crisis in 2009. Long-term unemployed individuals, those without jobs for over three years, account for 19.4% of all unemployed youth, the highest level since related statistics began in 2007. The proportion of youth who have had any employment experience after graduation stands at 84.8%, the lowest since statistics began in 2004. As the employment environment worsens, young people's willingness to apply for regular companies has declined, while the number applying for civil service positions has increased. A relevant official stated that improved benefits for grassroots civil servants and companies' preference for experienced job seekers have made the employment environment even more challenging for youth.

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