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ECONOMICS & SOCIOLOGY


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Rising Unemployment Among Young People and Improved Employment Policy: The Case of South Korea

Vol. 11, No 4, 2018

Donghun Yoon,

 

Korea Basic Science Institute,

Seoul, South Korea,

E-mail: ydh0@kbsi.re.kr

Rising Unemployment Among Young People and Improved Employment Policy: The Case of South Korea

 

 


 

Abstract. Rising unemployment among the youth has become a major social issue for many nations globalwide. This paper would be discussing the rising unemployment among the youth in South Korea. Also, a policy proposal to increase the employment rate would be suggested. It is the objective of this paper to present the policy aiming to increase the employment rate and address the rising unemployment among the youth. In this paper, we surveyed 100 university students to study the effect of their career decisions and job search anxiety as they prepare for employment. The employment rate calculation is based on the data obtained from ‘Higher Education in Korea’ by the Minister of Education of South Korea. The result of the analysis show that job search anxiety had a positive effect on job-seeking activities. Also, career decisions did not have a positive effect on job-seeking activities. First, we discussed the problem of rising unemployment among the youth. Then, the causes of unemployment among the youth were analyzed through the examination of demand and supply at the labor market. The employment rate of university majors was analyzed to determine the employment trends among the youth in South Korea. The employment rate for Medical Science and Engineering majors was higher than the employment rate for Art, Physical Education, Humanities, and Education majors. This paper presents and discusses the solution to the rising unemployment among the youth through a policy proposal aimed at improving youth employment rate.

 

Received: May, 2018

1st Revision: October, 2018

Accepted: November, 2018

 

DOI: 10.14254/2071-789X.2018/11-4/16

JEL ClassificationC83, J20, J60, J64, J68

Keywords: unemployment among the youth, South Korea, policy, employment rate, human resource, job creation, demand, supply, job search anxiety, career decision