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| More than 1.2 million young Koreans are unemployed after graduation. (Source: Yonhap) |
According to Yonhap news agency, data from Statistics Korea (KOSTAT) shows that as of last May, of the 8.42 million people aged 15-29, 4.52 million had graduated from middle school, high school or university. However, 1.26 million of those graduates are currently unemployed.
KOSTAT said about 52.8 percent of unemployed young people are university graduates and about 1 percent, or 12,000 people, have master's or doctoral degrees.
According to the agency, it takes young people an average of 10.4 months after graduation to find their first job. About 15.3% of young people, equivalent to 591,000 people, said it took them more than 2 years to successfully apply for a job after graduation.
Last month, South Korea's unemployment rate hit a record low of 2.7 percent and the number of employed people rose by more than 200,000 from a year earlier to 28.68 million.
However, government data shows that employment for people in their 20s and 40s fell year-on-year, while employment for those over 50 increased sharply.
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