Key Points
- 1.21 million young Koreans aged 15-29 unemployed or economically inactive
A total of 1.21 million individuals aged 15 to 29 either remained unemployed or economically inactive to prepare for a job or without specific reasons as of the end of February, according to the data compiled by Statistics Korea.
The figure marked an increase of 70,000 from last year's 1.13 million, reports Yonhap news agency.
Of the total, those who opted to stay out of work without specific reasons came to 5,04,000, reaching the highest level since the agency began compiling the relevant data in 2003.
The number of unemployed young people seeking a job came to 2,69,000 last month, up two per cent from a year earlier.
Experts point to weak economic growth and domestic demand, as well as companies' preference for experienced workers, as reasons behind the job market difficulties for the younger age brackets.
“The number of young people who failed to land a job has been rising despite the decline in the overall youth population," an agency official said.
“Amid heightened uncertainties in the business circumstances, an increasing number of companies have reduced regular recruiting and preferred experienced employees," the official added.
Economically inactive here means those who remain unemployed but do not seek a job.
In 2024, the number of Koreans opting to remain economically inactive without specific reasons went up by 2,45,000 amid tough job market conditions and economic uncertainties. As for reasons for staying out of work, 36.8 per cent, or 5.96 million people, said they were involved in housework, up from 36.5 per cent a year earlier. Some 20 per cent cited studying and other training to work toward a job or other opportunities, down from 20.4 per cent the previous year. The number of those who said they simply took a break rose to 2.57 million in 2024 from 2.32 million a year earlier.
