By Kim Se-jeong
Yoon is a resident of Ilsan, Gyeonggi Province, and a college senior majoring in convergence of engineering and management.
The 27-year-old man who only disclosed his family name has been busy looking for a job for some time.
"Even though I have one semester left at school, I feel time is running out," Yoon told The Korea Times. He wants to get a job in IT. Samsung Electronics was one of the places he applied to, but nothing has panned out so far.
The first thing he will do when he gets a job is to move from his parents' flat.
"My dad retired recently. My mom is still working, but they barely get by. They need to save for themselves but can't because of me. That will only be possible when I become financially independent," he said.
Every day, he reads newspapers and magazines to update himself. He also polishes his resume and spends hours in front of a computer looking for job openings.
Yoon is among many in their 20s and 30s who are desperate for work while youth unemployment is at its worst. According to Statistics Korea, last year's youth unemployment rate ― for those aged between 15 and 29 ― was 9.8 percent, the highest ever.
Korea's job market has not been good since the IMF crisis in 1997.
In the post-crisis era, companies in fear of uncertainties, stopped offering jobs as they did before the crisis. Companies also came up with "irregular employment," a new type of work that only lasts two or three years without benefits.
The Korean economy's structure also added problems. Built strongly on manufacturing, the economy lost its momentum and lags behind China and other rising countries.
Sung Jae-min from the Korea Labor Institute said the consequences of youth unemployment are dire "because they are the ones who will pay taxes and buy TVs and houses."
He added, "Young people lacking spending power will affect the country's economy, as well."
Korea's birthrate is already feeling the effects. It went down to 1.2 children per woman in recent years, not enough to maintain the nation's population without immigration. Couples lament they can't afford to raise children with the money they earn.
It also fueled "Hell Joseon," an anti-Korea sentiment among the young, driving this desperate generation to migrate from Korea. Joseon is a former Korean kingdom lasting from 1392 to 1910. The massive protests against the ongoing corruption scandal surrounding President Park Geun-hye and her confidant also reflect their frustrations.
Regional and central governments rushed to help.
The Seoul Metropolitan Government recently began a support program for young jobseekers. At 41 locations through the metropolitan area, the city coordinates self-empowerment workshops, counseling sessions and suit rentals. Yoon is among the service recipients.
Last month, the central government announced it would create 25,000 additional public jobs in addition to cash support for new startups founded by young people.
"We need more public jobs to solve the problem," Kim Ju-ho, a coordinator from civic group People's Solidarity for Participatory Democracy, said in criticizing the central government's announcement.
Speaking about the support for startups, Kim said, "Previous policies have shown that only helping young people to start a new business doesn't help. Businesses went bankrupt fast and young entrepreneurs were heavily indebted."
Both Kim and Sung called for enhanced social safety measures. "That will help them relax and sustain their lives while unemployed," Kim said.
Last year, Seoul and Seongnam, a city south of Seoul, began handing out cash allowances to young residents. Although politically controversial, the program drew many supporters.
Yoon is a resident of Ilsan, Gyeonggi Province, and a college senior majoring in convergence of engineering and management.
The 27-year-old man who only disclosed his family name has been busy looking for a job for some time.
"Even though I have one semester left at school, I feel time is running out," Yoon told The Korea Times. He wants to get a job in IT. Samsung Electronics was one of the places he applied to, but nothing has panned out so far.
The first thing he will do when he gets a job is to move from his parents' flat.
"My dad retired recently. My mom is still working, but they barely get by. They need to save for themselves but can't because of me. That will only be possible when I become financially independent," he said.
Every day, he reads newspapers and magazines to update himself. He also polishes his resume and spends hours in front of a computer looking for job openings.
Yoon is among many in their 20s and 30s who are desperate for work while youth unemployment is at its worst. According to Statistics Korea, last year's youth unemployment rate ― for those aged between 15 and 29 ― was 9.8 percent, the highest ever.
Korea's job market has not been good since the IMF crisis in 1997.
In the post-crisis era, companies in fear of uncertainties, stopped offering jobs as they did before the crisis. Companies also came up with "irregular employment," a new type of work that only lasts two or three years without benefits.
The Korean economy's structure also added problems. Built strongly on manufacturing, the economy lost its momentum and lags behind China and other rising countries.
Sung Jae-min from the Korea Labor Institute said the consequences of youth unemployment are dire "because they are the ones who will pay taxes and buy TVs and houses."
He added, "Young people lacking spending power will affect the country's economy, as well."
Korea's birthrate is already feeling the effects. It went down to 1.2 children per woman in recent years, not enough to maintain the nation's population without immigration. Couples lament they can't afford to raise children with the money they earn.
It also fueled "Hell Joseon," an anti-Korea sentiment among the young, driving this desperate generation to migrate from Korea. Joseon is a former Korean kingdom lasting from 1392 to 1910. The massive protests against the ongoing corruption scandal surrounding President Park Geun-hye and her confidant also reflect their frustrations.
Regional and central governments rushed to help.
The Seoul Metropolitan Government recently began a support program for young jobseekers. At 41 locations through the metropolitan area, the city coordinates self-empowerment workshops, counseling sessions and suit rentals. Yoon is among the service recipients.
Last month, the central government announced it would create 25,000 additional public jobs in addition to cash support for new startups founded by young people.
"We need more public jobs to solve the problem," Kim Ju-ho, a coordinator from civic group People's Solidarity for Participatory Democracy, said in criticizing the central government's announcement.
Speaking about the support for startups, Kim said, "Previous policies have shown that only helping young people to start a new business doesn't help. Businesses went bankrupt fast and young entrepreneurs were heavily indebted."
Both Kim and Sung called for enhanced social safety measures. "That will help them relax and sustain their lives while unemployed," Kim said.
Last year, Seoul and Seongnam, a city south of Seoul, began handing out cash allowances to young residents. Although politically controversial, the program drew many supporters.
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