Government data displayed that in South Korea the number of unemployed college graduates has increased tremendously. The second quarter of the year saw tightening of employment markets for the youth of Korea.
Youngsters with a bachelor’s degree are jobless and they have reached above 546,000. From last year unemployment has increased by 11.8%. Since 1999 this is the biggest quarterly figure in unemployment.
Also read: Unemployment in U.K reaches record high
The situation is quite alarming, it seems that either the job markets have frozen up for educated youngsters or technological advancements have minimized the need for humans to work.
This is not just a situation in Korea unemployment is increasing globally. In India, as per a UN labor report, unemployment would increase marginally in 2017-18. This points that job creation would get stagnant. In Turkey joblessness has also just seen peak since 2012, in 2017 it is expected to rise at 11.7%. In Philippines joblessness rose compared to its statistics from last year.
Overall globally people are seeking jobs but are not getting any or if they are, they are being underpaid. There could be numerous reasons for it but one thing we all need to be careful about is that technology holds the future of our society. Advancements in AI, robots doing human work machines with more brain than humans given us an indication that unemployment issue would just aggravate globally in future.