South Korean youth employment drops sharply, hitting lowest rate in five years
The number of workers in their 20s fell by 193,000 between January and August, the steepest decline since the 1998 Asian financial crisis, pushing the employment rate for this age group below 60 percent.
According to figures released by the Korean Statistical Information Service, employment among South Koreans in their 20s declined by 193,000 during the January-August period, marking the fastest drop since the 1998 Asian financial crisis. The average number of employed young adults stood at 3.38 million, a 5.6 percent decrease, while the age group’s total population fell 3.5 percent to 5.55 million. This divergence drove the employment rate down to 59.1 percent, slipping below the 60 percent threshold for the first time in five years.
In contrast, the 30-year-old cohort experienced modest population growth of 83,000 and an increase of 103,000 employed, raising their employment rate to 80.9 percent for the fifth consecutive year. Experts attribute the contrasting trends partly to a shift toward later labor-market entry among younger people. The data highlight a widening gap between younger and older workers in South Korea’s economy.
Why it matters
A sharp fall in youth employment signals growing challenges for South Korea's labor market and future economic growth.
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