As we mentioned earlier in the broadcast, the Korean government unveiled the 2017 budget
guidelines today.
It shows a 10-percent cut in discretionary spending... which the finance ministry says
is intended to better focus its fiscal policy on job creation...
particularly Korea's younger generation.
As the government tries to do its part to tackle the country's high youth unemployment
rate, Korea's young jobseekers are taking the matter into their own hands to make the
cut.
How to tap into the job market: Our News Feature tonight with Lee Jiwon.
Kim So-yeon is in her final year of university... and aside from wrapping up her studies, every
day she's busy preparing and planning for future employment.
After lectures, she goes to Chinese and English academies.
She's also part of a study group with other job seekers.
Together they compare notes and share information on company interviews and entrance exams.
"The amount of competition there is for a job is fierce.
So, regardless of what the requirements are we need to make ourselves more qualified and
attractive to employers in order to have a better chance of landing a position."
A growing number of students, college grads and young job seekers are finding their own
ways to try and tackle the worsening unemployment problem they are facing.
In February, Korea's youth unemployment rate hit 12.5 percent, marking a record high since
data was first compiled in 1999.
The number of unemployed between the ages of 15 to 29 stood at 560-thousand,... up 76-thousand
compared to last year.
"The biggest reason for this high unemployment rate is the imbalance between supply and demand
in the youth labor market.
There are now more highly education students with university degrees, but there aren't
that many "good" jobs, like at conglomerates and public enterprises, to accommodate them."
Amid such unfavorable conditions, young people are going beyond the extra mile to build up
and perfect their resumes in a bid to woo potential employers.
Kim Chae-won is a speech academy student who's trying to improve her interview skills.
Your voice is what they will use to create an image of who you are.
"Many get turned down in the interview stage...
So I thought getting speech lessons would help me articulate my words better and improve
my speaking skills so I act more confident and give a good first impression."
A survey of more than 500 people by Korean job-search portal Saramin, showed about 30-percent
have taken or are currently taking additional job prep courses.
About 70-percent have taken English or other language classes, while just under half underwent
some type of certification training.
These extras often come at a high price and don't ensure results.
"Every month I spend more than a thousand dollars on job prep classes."
"It costs a lot of money to take English and other major certification tests.
I've spent about 17-hundred dollars."
According to Saramin, young job seekers use 37-percent of their total living expenses
on average to cover job preparation costs.
"The biggest reason these classes are taken is to increase the chances of getting a job.
Often, it's quite effective because instructors know about interview patterns, tips and questions
on exams that will help students get good scores."
"In spite of such efforts, the youth unemployment rate is still high,... and experts say companies
and the government hold the key to alleviating the problem."
"It's a problem that companies require specs that must be bought with money.
There are young people who don't have the financial means to take these job prep courses,
which means their ability to find employment will be much harder.
Companies need to implement different processes like blind-screening so a person's abilities
and qualities are judged more fairly."
The expert added that changes like cutting back on long work hours and creating more
positions to handle workloads can help create more open positions.
For its part, the Korean government has increased its budget for next year to support businesses
that create more jobs and offer vocational training for young job seekers in hopes of
tackling the country's youth unemployment crisis.
Lee Ji-won, Arirang News.