Among this year's pool of 540,000 college graduates, only 370,000 landed on a job, a 0.3 percent drop from that of last year. The last five years also saw a clear trend of the decrease of the number of regular jobs.
The problem is that the situation is not likely to improve. Maeil Business News believes that the solution is not to wait for one, but to create one, adding the government is backing the idea.
The government designated Nov. 3 as the "Day for Young Entrepreneurs" _ the first such case in the nation, awarding prizes for a group of 12 young adults who are role model for successfully starting, running a company that created revenues as well as new employment opportunities for people.
The government, together with financial institutions, offers generous seed money for startups. The goal is to build a healthy job market infrastructure by ramping up the number of new start-up businesses that are likely to be successful.
For example, the Seoul Metropolitan City runs a program, called the "2030 Project" to help young CEOs who are in their 20s and 30s. Specifically, the program offers office space, loans, and activity fees for qualified young entrepreneurs, some of them free of charge. Those chosen also receive training, consulting, and marketing advice.
The city runs a separate program, called the "Hope Dream Project," which offers loans up to 20 million won with 2 percent annual interest fee, the newspaper said.