"Will Things Improve in the Second Half?" Prolonged COVID-19... '1.66 Million Unemployed Youth' in Distress

Statistics Korea Reports 1.66 Million Unemployed Youth in May, 120,000 More Than Last Year
35% of 4.787 Million Graduates and Dropouts Unable to Find Jobs
"COVID-19 Prolongation Unavoidable, but Anxiety Peaks"

The photo is unrelated to the article content. Photo by Yonhap News.

[Asia Economy Reporter Han Seung-gon, Intern Reporter Kim Yeon-ju] "I'm more anxious because there aren't even any job postings.", "If this continues, more job seekers will flock in, and I'm worried."

The economic downturn caused by the novel coronavirus disease (COVID-19) has been shown to have a significant impact on the job market. Due to the economic crisis, companies have decided to restrict hiring, raising the bar for employment even higher.

According to the 'May 2020 Supplementary Survey on Youth (ages 15-29)' released by Statistics Korea on the 22nd, the number of unemployed graduates (including dropouts) as of last May increased by 120,000 compared to the same period last year, reaching 1.66 million. Among the 4.787 million graduates and dropouts, 35% have not found jobs and are still preparing for employment or resting at home.

Additionally, the number of youth in the non-economic activity population preparing for employment exams recorded 804,000, an increase of 90,000 from a year ago. This is the largest scale since Statistics Korea began related surveys in 2006.

Job seeker Kim (26, female) said, "I saw news that the employment market has frozen due to the prolonged COVID-19 situation, but I never thought there would be almost no job postings like this." She added, "Since graduation, I have been making a list of companies to apply to. In the second half of last year, I applied to about 50 companies, but in the first half of this year, I applied to fewer than 10. There just aren't that many postings," expressing her frustration.

Kim said, "Even among my friends, there are no postings, so they can't even apply and just keep studying. Even when I go to the university career center, they have no effective solutions and just say 'let's wait and see'." She added, "Age is important in the job market, and the longer this preparation period lasts, the more anxious I become."

On May 24th, candidates lined up for the SK Group's first half-year recruitment aptitude test held at Seokyeong University in Seongbuk-gu, Seoul. Photo by Yonhap News

Moreover, due to the impact of COVID-19, opportunities such as company internships and employment programs linked through universities, as well as job fairs, have decreased, making it more difficult to obtain employment information.

Lee (28, male), who hopes to work in a general company, said, "Getting employment information every year was an important part of job hunting, but this year it has become more difficult to get information in every aspect." He added, "Even when trying to get internship opportunities or participate in external activities, there is no news, so the feeling of helplessness grows."

Kang (27, female), preparing for a job at a media company, said, "I want to graduate after securing a stable job, so I am maintaining my course completion status." She expressed, "The age I consider the deadline for new employee recruitment is approaching, but I can't get a job, so it's frustrating to the point of feeling suffocated."

Kang added, "I think I must not fall behind in the information battle to know whether I am sufficiently prepared and capable of entering the company I want." She added, "Overall, all job seekers are in a difficult situation, but the anxiety is real."

Given this situation, the number of young people who are not even engaging in job-seeking activities and are effectively doing nothing is increasing. Among the 1.66 million unemployed, 397,000 answered that they are 'just passing time.' This is an increase of 333,000 compared to the same period last year.

Kang said, "Not only me, but many friends preparing for jobs around me did almost nothing in the first half of the year." She added, "With language tests and recruitment indefinitely postponed, there was a sense of helplessness that there was nothing we could do."

Job Fair. The photo is unrelated to the specific expressions in the article. Photo by Yonhap News.

Meanwhile, as job seekers face increasing difficulties in their job search activities, the government has announced plans to promote job projects to address the frozen youth employment caused by the prolonged COVID-19 pandemic.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on his Facebook on the 15th, "We will promptly implement the direct job projects confirmed in the third supplementary budget on the 3rd to provide emergency jobs to vulnerable groups including youth."

He continued, "It is also painful to see that the employment recovery of youth, who have been relatively more affected by COVID-19 compared to other age groups, is slow." He emphasized, "We will accelerate efforts to create quality jobs as planned and fundamentally innovate the employment social safety net, including the phased implementation of nationwide employment insurance."

This content was produced with the assistance of AI translation services.