Friday, April 04, 2008

High unemployment among youths in S Korea

My friend in South Korea told me that there is a high rate of unemployment of youths. Employers are reluctant to increase employment as it is costly to downsize the workforce during economic slowdown. The trade unions are strong and impose high cost for termination of workers.

Some employers will recruit young workers as temporary employees and pay wages that are half the rate of permanent workers.

Lesson: If trade unions are too strong, employers are afraid to recruit more people. If trade unions are too weak, employers pay low wages. The soceity has to find the correct balance between what is good for business and fair wages for workers.

1 comment:

Anonymous said...

- English speaking graduates in supply
- If unemployed, work in Thailand and Vietnam as English teacher OR
- work in Singapore & HK as a maid!

- 1 million graduates each year
- If unemployed, study Master & PhD OR
- Look for job in this tiny island as skill or non-skill workers (they pay $x to an employment agency in China and work here !!!)

- ITE & Poly students are NEVER a university graduates. It upgrade, it cost a lot of private U tution fee and no guarantee of recognition!)
- If domestic econ slow down and NOT competitive after 10 years, will you be employed?
- What are you going to do on this tiny island when younger intellegent China/India PR are here?
- Please plan ahead for your family if you are NOT world class talent!
- Save as much money as possible in next 10 good years.
- Prof Tan Kin Lian had advised you to "loan past saving to your-self for future" and save $$$.
- I am a retiree. I urge you do NOT enjoy too much during good years.

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