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Korea's Overqualified, Underemployed Youth
South Korea's youth unemployment is 'only' 9% — but the real crisis is underemployment. 70% of young Koreans have a university degree and nowhere to use it.
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South Korea's headline youth unemployment rate of around 8% hides a deeper crisis: the "NEET" rate (not in employment, education or training) for those aged 25-34 is among the highest in East Asia. Young Koreans are dropping out of the labor market entirely after failing to enter the small circle of elite employers. The "sampo generation" — those who've given up on dating, marriage, and home ownership — is a labor market story as much as a social one.
See also: The Marriage Crisis No One Wants to NameSources
2 sources
- OfficialStatistics Korea — Youth Employment2024
- Intl. OrgOECD Employment Outlook2024