A growing number of South Korean youth in their 20s are choosing to opt out of the workforce, according to a recent survey by Statistics Korea. The data reveals a significant increase of 54,000 young adults who are neither employed nor actively seeking work compared to the previous year.
The primary reason cited by these young people for their decision is the difficulty in finding suitable jobs that meet their expectations. Despite this trend, the number of 20-somethings working unpaid family jobs, such as in family-owned restaurants, has actually risen.
Released on August 6, the 2024 Survey on Economically Inactive Population and Unpaid Work revealed that the total economically inactive population stood at 16.21 million, a slight increase of 48,000 from the previous year. This represents 35.6% of the total population aged 15 and over.
A notable finding from the survey was the surge in the number of people who reported being "inactive." This category includes individuals who are neither employed nor actively seeking work. The total number of inactive individuals reached 2.57 million, a significant increase of 245,000 compared to the previous year. Among this group, those aged 20-29 accounted for 438,000, marking a substantial increase from the previous year's figure of 384,000.
When asked about the reasons for being inactive, a significant proportion of those aged 15-29 cited the difficulty in finding suitable jobs. Moreover, the percentage of young people who reported a lack of job opportunities increased by 2.6 percentage points compared to the previous year.
Conversely, the number of young people engaged in unpaid family work has also seen an uptick. While the overall number of unpaid workers decreased, the number of those aged 15-29 increased by 11,000. This is particularly evident in sectors such as accommodation and food services.
Experts attribute this trend to the widening gap in working conditions between different types of jobs in South Korea. The mismatch between the demand and supply of jobs suitable for young people is creating a challenging labor market for this demographic.
"The dual structure of the South Korean labor market is making it difficult for young people to find jobs that meet their expectations," said Lee Ju-hee, a sociology professor at Ewha Womans University. "The significant wage and employment gap between large corporations and small businesses, as well as between regular and non-regular workers, is a major contributing factor."
She added that the increasing number of young people engaging in unpaid family work is a concerning trend, suggesting that many are unable to find suitable paid employment.
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