College Graduate Unemployment Hits Ten-year High

As reported in The Korea Times, data compiled by Statistics Korea show that the number of unemployed college graduates rose to an all time high last year, despite the faster-than-expected economic recovery.  The pattern of unemployment among college graduates over the past ten years is shown in the accompanying graphic (click to see a full-size version).  Finance ministry officials noted that there is a wide gap between employers demands and college graduates expectations for the level of their jobs.  They also noted that there is a structural problem in the job market--college graduates favor larger companies rather than smaller ones, while the number of jobs available at the former is limited.  Obviously, the growth of one-person enterprises spurred by the popularity of the iPhone and Android phones in Korea, as noted in an earlier post, has not yet had impact on overall employment statistics.
To solve these problems with the jobless growth among the well educated young, the government is seeking ways of restructuring college systems and improving job education programs for students. To promote the restructuring of college and universities, the government will encourage schools to make public the employment rate of their graduates, as well as support active merger and acquisitions of poorly managed schools,a ministry official said.