The employment rate among South Koreans aged 25-29 is the highest among other member states of the Organisation for Economic Co-operation and Development, with 21.6 percent of people within this demographic reported to have been unemployed in 2018, the Yonhap news agency revealed on Monday, citing a report by the Bank of Korea
MOSCOW (Pakistan Point News / Sputnik - 13th January, 2020) The employment rate among South Koreans aged 25-29 is the highest among other member states of the Organisation for Economic Co-operation and Development, with 21.6 percent of people within this demographic reported to have been unemployed in 2018, the Yonhap news agency revealed on Monday, citing a report by the Bank of Korea.
According to the agency, this was the seventh consecutive year where South Korea ranked highest in terms of late-twenties unemployment, but countries like Austria, Switzerland, Finland, France and Turkey had also faced rising unemployment among their own 25-29-year-olds over this time.
The agency further reported that the global economic slowdown affected younger aspiring workers in South Korea, in particular, because the high starting salaries make potential employers reluctant to hire new people a starting salary in South Korea is comparatively higher than that of other countries.
According to government data, in November 2019, about 27.5 million people were unemployed in South Korea, a rate of 3.1 percent. Among those aged 15-29, 7 percent were jobless that month, 0.9 points lower than during the same period of the previous year.
