PhD Graduate Unemployment Rises in South Korea
Recent official data from South Korea reveals that nearly a third of PhD graduates are struggling to secure employment. A survey conducted among 10,442 individuals who completed their doctoral programmes between August and February found that 29.6% of new PhD graduates are currently unemployed. This marks the highest unemployment rate since the survey began in 2014, when the figure stood at 24.5%. Last year, the rate was recorded at 25.8%.
Young academics under the age of 30 are the most affected, with an unemployment rate of 47.7%. Humanities and arts graduates face the highest job insecurity, while those in healthcare, education, business, and law have better employment prospects.
Experts warn that even highly educated young professionals are not immune to the country’s growing unemployment crisis. The overall youth employment rate is also declining. In January, the employment rate for those aged 20-29 fell to 59.7%, dropping below the national average of 61%. An increasing number of young South Koreans are opting out of the workforce entirely. In January alone, approximately 37,000 young people reported quitting their jobs simply to "take a break", a 10.3% rise compared to the previous year.
Click here for the source
