The national statistics office in South Korea released figures which showed that the labor market conditions in the country were improving and an increasing number of new jobs were being created. The number of people with employment in South Korea stood at 25.53 million in November 2013, which is an increase of 588,000 from 2012.
This means that the jobless rate has been reduced by 0.1 percentage point to 2.7 percent. The year-on-year monthly increase in jobs was the biggest one since September 2012. With the latest job figures, the optimism in the economic recovery of the country has increased and is being translated into more job opportunities.
However, this optimistic view is difficult to accept for an increased number of young people without jobs. It has also been noticed that the majority of small and medium-sized enterprises in the country are suffering from a chronic shortage of manpower, as most college students stay away from low-paying and physically challenging jobs.
The job mismatch under current labor conditions is unlikely to be solved in the near future. There are too many applicants for the limited number of good or decent jobs, which are being offered by large businesses and state-run corporations. Many university students are also finding it difficult to get a satisfactory job, which is resulting in delay in graduation by taking a leave of absence or registering for extra semesters.
Photo Credits: Talk Vietnam