Jobless rate for young South Koreans spikes to 12.5%
Survey shows chaebols aren’t hiring much this year
(From Korea JoongAng Daily)
The most recent jobs report shows the economy is only getting worse, particularly for young Koreans. And a survey of big business shows that major conglomerates aren’t planning to hire many entry-level employees in the first half of 2016.
The government brushed off the disappointing statistics on jobs and predicted the situation will improve in March and April. But according to Statistics Korea on Wednesday, the unemployment rate for Koreans aged 15 to 19 in February hit an all-time record of 12.5 percent, 1.4 percentage points higher than a year ago. Overall unemployment rose to a six-year high of 4.9 percent after adding 0.3 percentage points from a year ago.
The total number of unemployed rose 9.5 percent last month compared to a year ago to 1.31 million. The number of unemployed young people saw sharper growth of 15.7 percent to 560,000 during the same period. Read more