#empoyment #corruption #SDH #Korea
The employment rate of people in their twenties continues to fall for the sixth month since April. During that same period, there was no other age group that recorded a negative employment rate. While the employment rate of young people dropped, the unemployment rate in the same age group continued to climb to rates of 9-10%.
According to the September employment trend released by Statistics Korea on October 18, the unemployment rate of young people aged 15-29 dropped 0.2% from a year ago to 9.2%. When we look at the people just in their twenties, the rate is 9.4%. After the unemployment rate of the people in their twenties recorded 8.5% in January this year, it has remained in the 9% level for eight months. When we include the number of people who have given up looking for employment and who are preparing to enter the job market, the actual unemployment rate experienced by the young people climbs to 21.5%, a 0.2% increase from the same period last year. This is the highest level for September since 2015 when related statistics were collected. We are witnessing a situation in which one in every five young people continue to remain unemployed. The situation is the same with the employment rate. The employment rate dropped 0.8% from 58.7% last year to 57.9%. Among the people in their twenties, job-seekers, who are classified as “on a break,” also increased by 31,000 (13.1%) from a year ago.
The decline in youth employment and the increase in the actual unemployment rate experienced by the young people is depressing news indeed for the people preparing to enter the job market, already disappointed at a series of corruption cases in the recruitment of employees by public and financial institutions. In a parliamentary inspection a few days ago, Justice Party lawmaker Sim Sang-jeung raised allegations of corruption in the recruitment of employees at Woori Bank. According to a document titled, “Recommendations for the Public Recruitment of New Employees in 2016,” which Sim released, Woori Bank allegedly recruited sixteen children and relatives of senior officials at the National Intelligence Service and the Financial Supervisory Service and of VIP customers when hiring new workers last year. The document included the personal information of the people who were suspected of having made the solicitation under the column for “relevant information,” as well as the personal information of the applicants, such as name, age, gender, and educational background. The name and position of the Woori Bank executive was written under the column “referrer” and in the case of the children of VIP customers, the bank account details of the applicant was included in the “remarks” section. If this allegation is true, it is indeed shocking. The moral hazard of the executives and employees at the Financial Supervisory Service is serious, as allegations of job solicitations have emerged following problems with large loans and corruption in employee recruitment.
Words cannot express the shock that the people seeking employment must have felt after corruption in the recruitment process at Kangwon Land and the Financial Supervisory Service was exposed, ahead of Woori Bank. Irregularities in the recruitment process at public and financial institutions shatter the principle of equal opportunity and are crimes that discourage the people seeking employment. The government should thoroughly investigate the latest corruption case and strictly punish those responsible. In addition, the government needs to make every effort to provide a policy that can promote the employment of young people.