Jobs in 30 Major Enterprises Was Reduced by 200,000

The Korea Labor Institute (KLI) announced on the 27th that due to the restructuring under the International Monetary Fund (IMF), decent jobs in 30 major enterprises, public companies and financial companies which numbered 1.237 million in 2001 decreased by 289,000 from 1.526 million in 1997.

According to the analysis of the data basis of employment insurance by KLI, the jobs in 30 major enterprises were reduced to 702,000 by 201,000 from 903,000 during the restructuring period due to rapid restructuring in places like the Hyundai group division and the liquidation of the Daewoo group.

The ratio of young college graduates in 30 major enterprises, public companies and financial companies fell to 5.8 percent in 2001, reduced by 3.8 percent from 9.6 percent in 1997, which reflects the contemporary difficulties for college graduates to get jobs that they prefer.

On the contrary, college graduates going into the labor market are on the increase as the appearance of college graduates in a year was 473,000 persons in 2001, increased by 150,000 persons (45.9 percent) from 324,000 persons in 1995, and the ratio of high school students who go on to college also increased to 85 percent in 2001.

KLI announced that the recent serious unemployment of young people is caused by the restructuring of the labor market, and it would take measures to link education to the labor market by introducing 4 semesters in a year system, and advised that college graduates should adjust their ideals.

Jin Lee leej@donga.com