Youth Employment Rate at 42%... Average Monthly Salary for College Graduates 2.31 Million Won

Last Year's Youth Employment Rate 42.2%, Down 1.3%p from Previous Year
Youth Unemployment Rate at 9.0%, Up 0.1%p from Previous Year
Average Wage for College Graduates 223,000 Won Higher than High School Graduates

[Asia Economy Reporter Han Jinju] Last year, the employment rate among youth decreased while the unemployment rate turned upward. Although university enrollment rates have been increasing annually, employment rates have declined.

According to the '2021 Youth Statistics' released on the 25th by Statistics Korea and the Ministry of Gender Equality and Family, the employment rate for youth (ages 15-29) was 42.2%, down 1.3 percentage points from the previous year. Employment rates by age group in 2020 were ▲25-29 years old 67.6%, ▲20-24 years old 41.1%, and ▲15-19 years old 6.6%.

With the job market tightening further due to COVID-19, the unemployment rate began to rise from 2020. The youth unemployment rate increased by 0.1 percentage points from the previous year to 9.0%. The number of employed people in their 20s was 3,601,000, a 3.9% decrease compared to the previous year.

The university enrollment rate of high school graduates has increased for four consecutive years, but the employment rate of university graduates has decreased. In 2020, 72.5% of high school graduates enrolled in university, up from 70.4% the previous year. The employment rate for vocational high school graduates was 50.7%, while for non-vocational high school graduates it was 7.5%. The employment rate after university graduation was 67.1%, down 0.6 percentage points from the previous year. Employment rates at junior colleges (70.9%) were higher than at general universities (63.3%).

The average wage for those aged 20-24 in 2019 was 2,152,000 KRW, up 7.7% from the previous year, and for those aged 25-29 it was 2,583,000 KRW, up 4.7%. The average wage for those with a university degree or higher was 2.31 million KRW, about 223,000 KRW more than for high school graduates. The gender wage gap showed that men aged 20-24 earned 118,000 KRW more than women, and men aged 25-29 earned 182,000 KRW more.

School-age population ratio falls below 15%... Expected to be 9.8% by 2060

This year, the school-age population (ages 6-21) is 7,638,000, a 2.3% decrease from the previous year. The proportion of the school-age population in the total population is 14.7%, down about 10 percentage points from 24.2% in 2010, and 0.4 percentage points lower than last year’s 15.1%. The school-age population ratio is projected to decline to 10.6% by 2050 and 9.8% by 2060.

The population proportions by school level this year are ▲Elementary school (ages 6-11) 5.2%, ▲Middle school (ages 12-14) 2.6%, ▲High school (ages 15-17) 2.6%, and ▲University (ages 18-21) 4.3%. While the number of elementary, middle, and high school students has decreased, the number of multicultural students is increasing. As of last year, the number of multicultural students was about 147,000, a 7.4% increase from the previous year.

Among youth aged 13-24, 4 out of 10 had part-time job experience last year, a decrease of 8.8 percentage points compared to 2017.

Lower satisfaction with school life... 40% of teenagers at risk of smartphone overdependence

Due to COVID-19, youth satisfaction with school life has decreased, but family relationships have improved positively. Last year, the satisfaction rate with school life among elementary, middle, and high school students was 83.0%, down 5.3 percentage points from 2017. Among middle and high school students last year, 4.4% had smoked within 30 days, and 10.7% had drinking experience.

Four out of ten teenagers were found to be at risk of smartphone overdependence. Middle school students (39.6%) had the highest rate, followed by high school students (35.0%) and elementary school students (30.5%). Teenagers’ average weekly internet usage time was 27.6 hours, while those in their 20s averaged 29.5 hours. The main purpose of internet use for teenagers was education and learning, whereas for those in their 20s it was acquiring data and information.

As of 2020, among middle and high school students, 75.8% considered themselves valuable people, and 66.5% were satisfied with themselves. Last year, the types of counseling concerns among youth were mental health (20.3%), information provision (18.3%), interpersonal relationships (13.7%), and family (10.5%), in that order.

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