S. Korea's youth jobless rate stays high on struggling labor market - World - Tibetol

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S. Korea's youth jobless rate stays high on struggling labor market
By:Xinhua
update:December 14,2017
SEOUL, Dec. 14, 2017-- Jobless rate among South Korean youths aged 15 to 29 stayed high last month as the labor market still struggled with uncertainties despite the government's efforts to create decent jobs, a government report showed Wednesday.
 
The young generation's unemployment rate was 9.2 percent in November, up 1 percentage point from a year ago, according to Statistics Korea. It was higher than any November figure since the related data began to be compiled in 1999.
 
The sentiment jobless rate among youths rose 0.1 percentage point over the year to reach 21.4 percent in November.
 
The official unemployment rate refers to those who were immediately available for work but failed to get a job in the past four weeks despite efforts to actively seek a job.
 
The sentiment rate adds those who are too discouraged to seek a job, those who work part-time against their will to work full-time and those who prepare to get a job after college graduation to the official jobless rate.
 
The sentiment rate began to be compiled in January 2015 to more accurately reflect labor market conditions.
 
South Korean President Moon Jae-in, who took office in May, put his top priority on creating decent jobs as many of youths failed to get a job several years after graduation. More than 1 million college graduates reportedly are in a state of unemployment.
 
The Moon government allocated 11.2 trillion won (about 10 billion U.S. dollars) to the second-half supplementary budget, which was passed through the parliament in late July, but the extra budget had yet to take effect.
 
Under the five-year job creation plan, the government aimed to create over 800,000 jobs in the public sector, while providing assistance to help the private sector hire more workers.
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