South Korea’s highly educated youth unemployment hits 13-month high

The number of South Korean youth with four-year college degrees who have been unemployed for more than six months has reached its highest point in 13 months, Yonhap News reported on Sunday.

Last month, 119,000 individuals reported being unemployed for over six months despite actively searching for work, marking the highest number in four years, according to Statistics Korea.

While the long-term unemployment rate remained just above 100,000 during the COVID-19 pandemic in 2020 and 2021, it had been lower since then before spiking again last month.

Out of the 658,000 unemployed people nationwide last month, 18.1% were long-term unemployed.

Specifically, 35,000 people in their 20s and 30s with at least a four-year degree were affected, the highest number since September of last year, when it stood at 36,000.

Although the number of young people classified as "taking a break" (not actively seeking work) has decreased, experts point out that the issue of job mismatches for highly educated youth remains unsolved.