Kim, 31, who graduated with a degree in economics four years ago, has been working part-time jobs since two years after graduation. While Statistics Korea counts Kim as employed because of working over an hour a week, Kim does not consider themselves a proper entry-level worker. After cycling through four part-time jobs with earnings between 500,000 and 1.5 million won a month, Kim is still looking for a “real” first job. “My goal is to get into a company paying at least 3 million won a month, even if it’s not a major corporation,” Kim said. “Many around me are also in their third or fourth job search.”
The number of graduates securing immediate employment or finding jobs within a year has decreased, while the proportion of those taking three or more attempts to find a job has increased. This year, young Koreans aged 20 to 34 who have had any employment experience are taking an average of 14 months to land their first job after finishing their education, the longest period on record. About three out of 10 job seekers continue to prepare for employment even a year after graduation.
According to Statistics Korea on July 21, the average time for 6.83 million people aged 20 to 34 with employment experience to secure their first job is 14 months as of May this year, an increase of 1.7 months from the previous year. This is the longest period recorded since 2017. With entry-level positions in large companies becoming more competitive and the domestic and construction markets slowing, young people seeking their first job face challenging conditions.
Lee, 31, from Gyeonggi Province, has repeatedly failed to secure a position through major corporate recruitment since 2019. This year, Lee lowered their expectations and joined a startup. “I built up my resume with awards and internships, but I didn’t achieve the desired results,” Lee said. “Efforts to join a major corporation felt like pouring water into a bottomless pit.”
As employment for those in their 60s and 70s rises, the job search difficulties for young people are worsening. Joo Won, head of the economic research department at Hyundai Research Institute, said, “Except for semiconductor exports, all sectors, including consumption and facility investment, are struggling, leading companies to avoid hiring young full-time employees due to high costs.” Recent employment trends show a significant increase in jobs for people in their 60s and 70s, while employment for those in their 20s and 30s is declining. The average monthly number of employed individuals reached 28.416 million last year, up by 327,000 compared to the previous year. Of this increase, 366,000 were individuals aged 60 and over, while employment for those in their 20s fell by over 80,000.
