The financial crisis that called for the IMF bailout has brought huge changes to Korean society. The nation's damaged credibility has resulted in weakening national competitiveness, triggering long-term depression and making many companies driven out ...
The financial crisis that called for the IMF bailout has brought huge changes to Korean society. The nation's damaged credibility has resulted in weakening national competitiveness, triggering long-term depression and making many companies driven out of business. The rapid changes in the labor market caused by workout(a sort of employee layoff), declining demand for new manpower and the collapses of small businesses have forced numerous people to lose their jobs. In particular, the unemployed youth is on the rise due to drop in demand for new manpower, and emerging as one of serious social problems.
It's attempted in this study to define the concept of youth unemploy- ment and try to pinpoint its causes in terms of the growing young adult-population, increasing female workforce, universalized higher education, unpractical school education and corporate restructuring. To what extent those factors contribute to augmenting the jobless youth was examined, and what action the government took about this issue was explained to point out the problems with the government policies. As a way to address youth unemployment, it's suggested to formulate new population policy, create jobs for women, ban employment discrimination, link school education to the labor market, enlarge new employment by businesses, and raise fund for business establishment by young people and their employment. The data utilized in this study included relevant earlier studies, reports, statistics released by the National Statistical Office, employment insurance materials by the Ministry of Labor, online data and newspapers. Youth unemployment is no longer a personal matter. That deals a big blow to national economy, and should be handled on a national level to improve future national competitiveness.