Describe the Unemployment Crisis in South Korea.

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Colin Shin

Ms. Turnbeaugh

13 September 2012

English 11A

Unemployment Crisis for Young Ones

        Over the past five decades, South Korea has developed into a strong nation financially and has become one of the G-20 countries with high economic growth potential and stability. It’s hard to believe that it has only been about sixty years since the Korean War.  Since then, Korea has flourished in many different areas of business and has developed a huge economic market worldwide.  Top leading companies including Samsung, Hyundai, LG, SK and Posco influence Korean economy. Then, why is the unemployment rate still so high, especially for young college graduates? In his book,  Cheol Soo’s Thoughts,  Professor Cheol Soo An explains that if there are 20 million workers looking for opportunities, then, there are only 2 million actual job opportunities out there, which only makes up to be about 10% of the total available working force.  This is the reality of today’s job market and to gain an entrance into that top 10%, the employees would have to compete fiercely among themselves.  Of course, the companies would only hire those with outstanding educational background and other impeccable talents since the spots are so limited. Therefore, it’s definitely the employer’s market, and the employees don’t have much of a choice.  

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         Obviously, for potential workers, working for these few enormous companies like Samsung or Hyundai becomes their dream.  These companies pay higher salaries and offer better benefits than those of small or venture companies.  Then, what happens to those who don’t make it to these big conglomerates? Some of them take second choice jobs or some of them end up waiting around for next hiring phase or some of them end up going back to schools to get higher degrees. Korean society focuses so much on education that many of these young workers are over qualified, and they only look for ...

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