Since coming to power, the Moon administration has made creating jobs one of its top priorities.
But while other age groups have seen rises in employment, the employment rate for people in their 20s is still worryingly low.
Our Choi Si-young tells us why.
The country's trade research institute said Sunday that the youth employment rate hasn't recovered to above the level it was before the 2009 financial crisis.
But other age groups, particularly the 50s and 60s, have seen increases in employment rates.
The institute said the lack of jobs and the increased number of people in their 20s are behind the low youth employment rate.
The employment rate is calculated by dividing the number of people employed from the working population, but the number of people in their 20s has risen due to the sons and daughters of baby-boomers reaching that age.
The working population for the 20s last year was about 7-million, up nearly 300-thousand from 2013.
The number of people in their 20s employed in the manufacturing sector showed a fall of roughly 30-thousand between 2015 and 2018.
But the employment rate for people in their 50s displayed a dramatic increase in the manufacturing, construction and service industries in the same period.
The rate for people in their 60s also saw a hike in the manufacturing and construction industries... thanks to improving health conditions.
The institute warns the government should roll out measures for the unemployed people in their 20s because their unemployment, if prolonged, will drag down the country's economic growth and increase welfare expenses.
The institute recommends restoring the manufacturing industry's competitiveness while fostering high-value-added service sectors.
Choi Si-young, Arirang News.
But while other age groups have seen rises in employment, the employment rate for people in their 20s is still worryingly low.
Our Choi Si-young tells us why.
The country's trade research institute said Sunday that the youth employment rate hasn't recovered to above the level it was before the 2009 financial crisis.
But other age groups, particularly the 50s and 60s, have seen increases in employment rates.
The institute said the lack of jobs and the increased number of people in their 20s are behind the low youth employment rate.
The employment rate is calculated by dividing the number of people employed from the working population, but the number of people in their 20s has risen due to the sons and daughters of baby-boomers reaching that age.
The working population for the 20s last year was about 7-million, up nearly 300-thousand from 2013.
The number of people in their 20s employed in the manufacturing sector showed a fall of roughly 30-thousand between 2015 and 2018.
But the employment rate for people in their 50s displayed a dramatic increase in the manufacturing, construction and service industries in the same period.
The rate for people in their 60s also saw a hike in the manufacturing and construction industries... thanks to improving health conditions.
The institute warns the government should roll out measures for the unemployed people in their 20s because their unemployment, if prolonged, will drag down the country's economic growth and increase welfare expenses.
The institute recommends restoring the manufacturing industry's competitiveness while fostering high-value-added service sectors.
Choi Si-young, Arirang News.
Category
🗞
News