S. Korea's Ratio Of Unemployed In Late 20s Ranks Highest Among OECD Nations
Faizan Hashmi Published January 13, 2020 | 12:17 PM
The proportion of unemployed people aged 25-29 in South Korea has ranked the highest among member nations of the Organization for Economic Cooperation and Development (OECD), a report showed Monday
SEOUL, (UrduPoint / Pakistan Point News - 13th Jan, 2020 ):The proportion of unemployed people aged 25-29 in South Korea has ranked the highest among member nations of the Organization for Economic Cooperation and Development (OECD), a report showed Monday.
According to the report by the Bank of Korea (BOK), the 25-29 age bracket accounted for 21.6 percent of unemployed people in South Korea in 2018, marking the highest ratio among OECD members.
It marked the seventh consecutive year that the proportion of unemployed people aged 25-29 in South Korea ranked highest among OECD members, the report said.
The 25-29 age range accounted for 19.4 percent of unemployed people in Denmark in 2018, followed by Mexico with 18.2 percent.
For the United States and Japan, the ratio was 13 percent and 12.6 percent, respectively.
South Korea has seen its youth unemployment rate rise since 2013, along with Austria, Switzerland, Finland, France and Turkey.
Experts noted that amid the global economic downturn, South Korea's relatively tight job market dealt a hard blow to young job seekers.
Professor Sung Tae-yoon from Yonsei University said companies are reluctant to increase hiring of young people because the starting salary for new employees in South Korea is relatively high compared to other nations.
South Korea's jobless rate fell by 0.1 percentage point to 3.1 percent in November last year.
The number of employed people reached 27.5 million in November last year, government data showed.
The unemployment rate for young adults -- those aged between 15 and 29 -- also fell to 7 percent in November last year from 7.9 percent tallied a year earlier.
Related Topics
Recent Stories
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
Hoopo Inc. Collaborates with SAU to Install Solar-Powered RO Plant
04 killed in Spain as Storm Nelson looms
Russian military jet crashes into sea off Crimea: Governor
Rain-windstorm/thunderstorm likely at various parts of country
Implementation of Sindh Agriculture Workers Act-2019 demanded
Pandemic accord talks heading for extra time
Khawaja reiterates PM commitment to judiciary
More Stories From Business
-
Pakistan retains position in FTSE secondary emerging market
2 hours ago -
Pakistan retains position in FTSE secondary emerging market
1 hour ago -
China's competitive car market at heart of global EV revolution
2 hours ago -
China's Xiaomi enters car market with new electric vehicle
1 hour ago -
Pak-Türkiye strategize to boost bilateral trade to $5 billion
4 hours ago -
Chief Representative of CFFEX in Pakistan and PSX Director meet Finance Minister
4 hours ago
-
Banks to open on March 30, 31 to facilitate tax collection
5 hours ago -
Stock markets rise before Easter break
5 hours ago -
NCA approves revised first quarter GDP estimates for 2023-24
5 hours ago -
26% increase on tobacco tax can reduce PKR 300bn in health cost
6 hours ago -
Minister expresses anguish over alleged use of poor-quality material
6 hours ago -
Commerce Minister initiates push for E-commerce growth with in-house briefing
7 hours ago