Employment rate for college and graduate graduates falls to record low last year

SEOUL, 27 Dec. (Yonhap) — The employment rate for students with bachelor’s, master’s and doctoral degrees fell to an all-time high last year as the COVID-19 pandemic dealt a severe blow. to labor markets, government statistics revealed on Monday.

Their employment rate stood at 65.1% last year, the lowest since the Department of Education began compiling such data in 2011, according to its statistics.

According to statistics, 553,521 people graduated from colleges and graduate schools across the country between August 2019 and February 2020.

Among them, 480,149 were subject to employment and 312,430, or 65.1%, were employed, down 2 percentage points from the 67.1% recorded in 2019.

By job type, 284,359 were employed in workplaces with national health care benefits, 18,139 were self-employed, 5,317 opened their own business and 1,131 found employment abroad.

The proportion of company employees subscribing to occupational health insurance and of the self-employed increased by 0.6 point and 0.1 point respectively. But the proportion of those employed abroad and self-employed fell by 0.5 percentage points and 0.2 percentage points, respectively.

“Due to economic uncertainties resulting from the global COVID-19 pandemic, it was difficult for young people to find jobs abroad or start businesses,” the ministry said.

According to statistics, the employment rate was higher among those who have completed higher education at 80.2% than those who have an undergraduate degree at 61%.

The employment rate fell in all academic fields, with liberal arts, natural sciences, social studies, arts and sports, and engineering sciences being hardest hit with a drop of more than 2 percentage points. percentage.

The statistics also showed that the average monthly income of college and graduate graduates working in companies providing health care benefits was about 2.63 million won ($2,217) last year, in up 33,000 won from 2.6 million won the previous year.

The average monthly income of college and graduate graduates also increased to 2.44 million won and 4.49 million won, respectively.

Of those employed, 35.2% were recruited before graduation, while 22.7% found employment within three months of graduation, 16.4% within nine months, 14 .9% within six months and 10.8% within 10 months or more.

The largest share of employees, 48.3%, worked in small and medium enterprises and 17.4% in non-profit organizations.

10.1% were employed in central and local government, 8.5% in conglomerates, 7.4% in middle market companies and 4.9% in public institutions or companies.