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Showing posts with label Employment. Show all posts
Showing posts with label Employment. Show all posts

Friday, July 26, 2019

Trade War Spurs Recession Risk in Singapore

The Tanjong Pagar container terminal in Singapore.
  • Shock contraction in quarterly GDP raises risk of job losses
  • Officials already grappling with aging, productivity threats
Singapore’s economic data have gone from bad to worse this month. Exports slumped to their second-worst rate since the global financial crisis, the purchasing managers index slipped into contraction for the first time since 2016, and the economy shrank the most in almost seven years in the second quarter.




Exports, manufacturing PMIs sink to multi-year lows


After spending much of early 2019 enjoying relative resilience, a recession is now looming. That’s a warning shot for regional and global economies, since Singapore’s heavy reliance on trade makes it somewhat of a bellwether for the rest of Asia.


The severity of the slump may be down to trade tensions and a global slowdown, but Singapore has been grappling with longstanding economic threats that have been slowly eroding the city state’s growth potential: rapid aging, labor market shrinkage, and sluggish productivity among them. Those risks will become more acute for policy makers now.

“Any undue turbulence or prolonged stresses from the trade war are only going to compound the challenges of all the other issues -- productivity, demographics, anything else,” said Vishnu Varathan, head of economics & strategy at Mizuho Bank Ltd. in Singapore. “External demand concerns will be at the top of the list for now, because if you don’t get that one right it’s that much more difficult to solve everything else.”

Singapore remains one of the most export-reliant economies in the world, with trade equivalent to 326% of gross domestic product, according to World Bank data. That puts the city state at the center of the storm stirred up by its top two trading partners sparring over tariffs.

The shock GDP figures earlier this month prompted some analysts to downgrade their Singapore forecasts for the year to below 1%. The government is set to revisit its own 1.5%-2.5% range next month, but for now, it’s remaining calm, seeing no recession for the full year.

What Bloomberg’s Economists Say...

“Barring a swift rapprochement in U.S.-China trade relations, our forecast for a 0.2% year-on-year contraction in Singapore in 2019 remains on course.
The government has ample firepower to cushion the blow, but it may not be enough to avoid a recession.”
-Tamara Henderson, Asean economist
The slump is largely contained so far to manufacturing, which makes up about a fifth of the economy, but could soon spread to other sectors such as retail and financial services. That increases the risk of job losses at a time when businesses like International Business Machines Corp. are already laying off workers and banks such as Nomura Holdings Inc. cut staff.

The number of retrenched workers in Singapore rose to the highest in more than a year in the first quarter, though the unemployment rate has remained fairly steady at 2.2% amid a recovery in construction.

“The labor market looks to be on two tracks at the moment -- there’s a weak market in the manufacturing sector but a steady one in the services sector,” said Shaun Roache, chief Asia-Pacific economist at S&P Global Ratings in Singapore. “High-frequency indicators including industrial production and trade suggest that the environment will remain challenging in manufacturing for the year.”

While those cyclical headwinds buffer the outlook, policy makers are also grappling with structural impediments to growth.



SINGAPORE AGING
An employee clears tables at a food center in Singapore.
Faced with a rapidly aging population, the government has been on an aggressive campaign to re-skill its labor force and prepare workers for a postponed retirement. The median age is set to rise to 46.8 years in 2030 from 39.7 in 2015, faster than the other top economies in Southeast Asia as well as the world as a whole, according to United Nations projections.

Tied to its rapid aging is Singapore’s productivity conundrum.




As the labor pool shrinks and gets older, the city state’s answer to the productivity challenge has been to automate and digitize. With an ambition to become a “Smart Nation,” the government has poured money and energy into digitization projects of all kinds, from helping seniors fine-tune smartphone skills at digital clinics to attracting financial technology giants to set up shop and test their ideas.


Silver-Medal Race
It’s that technological advancement, along with its world-beating infrastructure and efficiency, that continues to make Singapore attractive to businesses like Dyson Ltd., the U.K. manufacturer that picked the city state for its location to build its first electric cars. It’s also a reason why officials are confident Singapore can meet its foreign investment targets for this year.

“They’re saying the right thing, doing the right thing,” said Edward Lee, chief economist for South and Southeast Asia at Standard Chartered Plc in Singapore, who has penciled in 1% growth for 2019. “Retraining, ongoing structural reforms on the labor side -- those are the right things.”

By

 — With assistance by Cynthia Li

Trade War Spurs Recession Risk in Singapore

The Tanjong Pagar container terminal in Singapore.
  • Shock contraction in quarterly GDP raises risk of job losses
  • Officials already grappling with aging, productivity threats
Singapore’s economic data have gone from bad to worse this month. Exports slumped to their second-worst rate since the global financial crisis, the purchasing managers index slipped into contraction for the first time since 2016, and the economy shrank the most in almost seven years in the second quarter.

Exports, manufacturing PMIs sink to multi-year lows


After spending much of early 2019 enjoying relative resilience, a recession is now looming. That’s a warning shot for regional and global economies, since Singapore’s heavy reliance on trade makes it somewhat of a bellwether for the rest of Asia.


The severity of the slump may be down to trade tensions and a global slowdown, but Singapore has been grappling with longstanding economic threats that have been slowly eroding the city state’s growth potential: rapid aging, labor market shrinkage, and sluggish productivity among them. Those risks will become more acute for policy makers now.

“Any undue turbulence or prolonged stresses from the trade war are only going to compound the challenges of all the other issues -- productivity, demographics, anything else,” said Vishnu Varathan, head of economics & strategy at Mizuho Bank Ltd. in Singapore. “External demand concerns will be at the top of the list for now, because if you don’t get that one right it’s that much more difficult to solve everything else.”

Singapore remains one of the most export-reliant economies in the world, with trade equivalent to 326% of gross domestic product, according to World Bank data. That puts the city state at the center of the storm stirred up by its top two trading partners sparring over tariffs.

The shock GDP figures earlier this month prompted some analysts to downgrade their Singapore forecasts for the year to below 1%. The government is set to revisit its own 1.5%-2.5% range next month, but for now, it’s remaining calm, seeing no recession for the full year.

What Bloomberg’s Economists Say...

“Barring a swift rapprochement in U.S.-China trade relations, our forecast for a 0.2% year-on-year contraction in Singapore in 2019 remains on course.
The government has ample firepower to cushion the blow, but it may not be enough to avoid a recession.”
-Tamara Henderson, Asean economist
The slump is largely contained so far to manufacturing, which makes up about a fifth of the economy, but could soon spread to other sectors such as retail and financial services. That increases the risk of job losses at a time when businesses like International Business Machines Corp. are already laying off workers and banks such as Nomura Holdings Inc. cut staff.

The number of retrenched workers in Singapore rose to the highest in more than a year in the first quarter, though the unemployment rate has remained fairly steady at 2.2% amid a recovery in construction.

“The labor market looks to be on two tracks at the moment -- there’s a weak market in the manufacturing sector but a steady one in the services sector,” said Shaun Roache, chief Asia-Pacific economist at S&P Global Ratings in Singapore. “High-frequency indicators including industrial production and trade suggest that the environment will remain challenging in manufacturing for the year.”

While those cyclical headwinds buffer the outlook, policy makers are also grappling with structural impediments to growth.



SINGAPORE AGING
An employee clears tables at a food center in Singapore.
Faced with a rapidly aging population, the government has been on an aggressive campaign to re-skill its labor force and prepare workers for a postponed retirement. The median age is set to rise to 46.8 years in 2030 from 39.7 in 2015, faster than the other top economies in Southeast Asia as well as the world as a whole, according to United Nations projections.

Tied to its rapid aging is Singapore’s productivity conundrum.



As the labor pool shrinks and gets older, the city state’s answer to the productivity challenge has been to automate and digitize. With an ambition to become a “Smart Nation,” the government has poured money and energy into digitization projects of all kinds, from helping seniors fine-tune smartphone skills at digital clinics to attracting financial technology giants to set up shop and test their ideas.


Silver-Medal Race
It’s that technological advancement, along with its world-beating infrastructure and efficiency, that continues to make Singapore attractive to businesses like Dyson Ltd., the U.K. manufacturer that picked the city state for its location to build its first electric cars. It’s also a reason why officials are confident Singapore can meet its foreign investment targets for this year.

“They’re saying the right thing, doing the right thing,” said Edward Lee, chief economist for South and Southeast Asia at Standard Chartered Plc in Singapore, who has penciled in 1% growth for 2019. “Retraining, ongoing structural reforms on the labor side -- those are the right things.”

By

 — With assistance by Cynthia Li

Sunday, May 19, 2019

Education Minister Dr Maszlee Malik comes under more fire over intake quota and Mandarin requirement for jobs

Can you spare a minute to look at this?
http://chng.it/bbZwKBNg


1⃣网民重启老马当教长运动
2⃣支持者秒速联署反映惊人
3⃣这匹马不行就换另一匹马
4⃣你签署了吗?
https://www.facebook.com/1423136211324341/posts/2078388995799056/

 


Read  Source link:  Maszlee comes under more fire

Dear Encik Maszlee Malik by Ken Wun: 




Ramasamy rips into Maszlee for linking private employment to matriculation quota 

Education Minister Dr Maszlee Malik comes under more fire over intake quota and Mandarin requirement for jobs

Can you spare a minute to look at this?
http://chng.it/bbZwKBNg


1⃣网民重启老马当教长运动
2⃣支持者秒速联署反映惊人
3⃣这匹马不行就换另一匹马
4⃣你签署了吗?
https://www.facebook.com/1423136211324341/posts/2078388995799056/

 


Read  Source link:  Maszlee comes under more fire



Dear Encik Maszlee Malik by Ken Wun:
 

Ramasamy rips into Maszlee for linking private employment to matriculation quota 

Monday, May 13, 2019

We are never too old to work, old is gold


NASIR Ahmad’s father, Ahmad Ismail or better known by his pseudonym Ahmady Asmara, was a legendary journalist and a sasterawan (man of letters). He used to work for publications like Saudara, Warta Ahad, Majlis and Utusan Zaman back in the 50s and 60s. Among his protege was the late Tan Sri Zainuddin Maidin (Zam).

Like his father, Nasir joined the press. In 1973, he started as a repor­­ter with the Utusan Melayu group. Eighteen years later, he joined Berita Harian.

Upon reaching 55, Nasir worked on a contract basis from 2011 to 2017. He has no major financial commitments and all except one of his four children are married.

In December 2017, he was diagnosed with colon cancer. It was devastating news to him and his family. He survived but his life was never the same again.

His close shave with death taught him many valuable lessons. For one, he can’t remain idle. He gets restless not doing anything.

He joined Grab service last August. It was more like an experiment for him initially. He was hooked. He has been driving ever since. In fact, he is one of Grab’s prized drivers, attaining 5-star ratings many times over. He starts around 10 in the morning and finishes around 9 at night, stopping only for prayers and lunch or quick bites.

Nasir is not alone. On May 2, this newspaper highlighted a growing number of Malaysians working well after 60.

For those who have their pension, they can afford to sit back and enjoy what’s left of their life. But things are not easy for others. They have mouths to feed. In most cases, adult children have their own commitments and parents seldom want to bother them over financial matters.

However, it is not easy to join the job market at that age even with experience and the necessary expertise. Nasir was a journalist; driving for Grab was a totally new experience.

As highlighted by this newspaper, based on a report published by the Institute of Labour Market Information and Analysis (Ilma), the supply of workers of Nasir’s age and above currently outstrips the demand for them.

According to the report, by 2030, the number of aged workers in Malaysia would be about 1.2 million but the demand for such workers would be just slightly a third of that.

If you are at Changi Airport, Singapore, most likely the first people you meet after the immigration officers are the ushers to guide you to the taxis. At most food courts, the elderly are employed to clear the trays or clean the floors.

There are certain jobs young people are not interested in. We see less of them here because the foreigners are doing the job for us.

Singapore, understandably, is giving a lot of attention to senior citizens. The republic is seriously looking into what it “needs to do differently in the coming years” as its population ages. In fact, it is considered one of the most urgent challenges for the government today.

The world population is ageing. According to the latest United Nations’ data, the number of those above 60 years globally is expected to more than double by 2050 and triple by 2100.

In 2017, there were 962 million of them, there will be 2.1 billion in 2050 and 3.1 billion in 2100. Shockingly too, according to the data, people aged 60 or above is growing faster than all younger age groups!

This is not just a problem in advanced countries. Most countries in the world have substantial numbers of ageing population. With better healthcare, humans are living longer.

There are loads of other issues pertaining to people of 60 and above. Moreover, living in the 21st century has its challenges.

There are issues about acceptability and competition with the younger generation, and certainly the need for respectability and dignity. But more importantly is coping with the demands at workplaces.

It is the question of how governments are coping with an ageing population.

One way is to make people work longer. We have done that, raising the retirement age to 60. Should we raise that to 65?

It is not a popular policy especially when younger people believe they will be deprived of the chance to climb up the ladder in public service or in the private sector.

The Global Age Watch Index Report shows high-income countries fare better in managing their ageing population. The enabling environment too for ageing people is much better in richer countries.

Like it or not, people of Nasir’s age are transforming society of today and the future. Just like the UN report on ageing says, ageing population is poised to become one of the most dramatic and significant transformations of the 21st century.

Never take Nasir and people his age for granted!

Johan Jaaffar was a journalist, editor and for some years, chairman of a media company, and is passionate about all things literature and the arts. The views expressed here are entirely his own.

Source link   


Read more ..


Here's why you're never too old for a career change - TheJobNetwork



8 Reasons why you are never too old to learn

 

4 Important Career Lessons You're Never Too Old to Learn

 

3 Reasons Why It's Never Too Late to Start the Work You Love

We are never too old to work, old is gold


NASIR Ahmad’s father, Ahmad Ismail or better known by his pseudonym Ahmady Asmara, was a legendary journalist and a sasterawan (man of letters). He used to work for publications like Saudara, Warta Ahad, Majlis and Utusan Zaman back in the 50s and 60s. Among his protege was the late Tan Sri Zainuddin Maidin (Zam).

Like his father, Nasir joined the press. In 1973, he started as a repor­­ter with the Utusan Melayu group. Eighteen years later, he joined Berita Harian.

Upon reaching 55, Nasir worked on a contract basis from 2011 to 2017. He has no major financial commitments and all except one of his four children are married.

In December 2017, he was diagnosed with colon cancer. It was devastating news to him and his family. He survived but his life was never the same again.

His close shave with death taught him many valuable lessons. For one, he can’t remain idle. He gets restless not doing anything.

He joined Grab service last August. It was more like an experiment for him initially. He was hooked. He has been driving ever since. In fact, he is one of Grab’s prized drivers, attaining 5-star ratings many times over. He starts around 10 in the morning and finishes around 9 at night, stopping only for prayers and lunch or quick bites.

Nasir is not alone. On May 2, this newspaper highlighted a growing number of Malaysians working well after 60.

For those who have their pension, they can afford to sit back and enjoy what’s left of their life. But things are not easy for others. They have mouths to feed. In most cases, adult children have their own commitments and parents seldom want to bother them over financial matters.

However, it is not easy to join the job market at that age even with experience and the necessary expertise. Nasir was a journalist; driving for Grab was a totally new experience.

As highlighted by this newspaper, based on a report published by the Institute of Labour Market Information and Analysis (Ilma), the supply of workers of Nasir’s age and above currently outstrips the demand for them.

According to the report, by 2030, the number of aged workers in Malaysia would be about 1.2 million but the demand for such workers would be just slightly a third of that.

If you are at Changi Airport, Singapore, most likely the first people you meet after the immigration officers are the ushers to guide you to the taxis. At most food courts, the elderly are employed to clear the trays or clean the floors.

There are certain jobs young people are not interested in. We see less of them here because the foreigners are doing the job for us.

Singapore, understandably, is giving a lot of attention to senior citizens. The republic is seriously looking into what it “needs to do differently in the coming years” as its population ages. In fact, it is considered one of the most urgent challenges for the government today.

The world population is ageing. According to the latest United Nations’ data, the number of those above 60 years globally is expected to more than double by 2050 and triple by 2100.

In 2017, there were 962 million of them, there will be 2.1 billion in 2050 and 3.1 billion in 2100. Shockingly too, according to the data, people aged 60 or above is growing faster than all younger age groups!

This is not just a problem in advanced countries. Most countries in the world have substantial numbers of ageing population. With better healthcare, humans are living longer.

There are loads of other issues pertaining to people of 60 and above. Moreover, living in the 21st century has its challenges.

There are issues about acceptability and competition with the younger generation, and certainly the need for respectability and dignity. But more importantly is coping with the demands at workplaces.

It is the question of how governments are coping with an ageing population.

One way is to make people work longer. We have done that, raising the retirement age to 60. Should we raise that to 65?

It is not a popular policy especially when younger people believe they will be deprived of the chance to climb up the ladder in public service or in the private sector.

The Global Age Watch Index Report shows high-income countries fare better in managing their ageing population. The enabling environment too for ageing people is much better in richer countries.

Like it or not, people of Nasir’s age are transforming society of today and the future. Just like the UN report on ageing says, ageing population is poised to become one of the most dramatic and significant transformations of the 21st century.

Never take Nasir and people his age for granted!

Johan Jaaffar was a journalist, editor and for some years, chairman of a media company, and is passionate about all things literature and the arts. The views expressed here are entirely his own.

Source link   


Read more ..


Here's why you're never too old for a career change - TheJobNetwork



8 Reasons why you are never too old to learn

 

4 Important Career Lessons You're Never Too Old to Learn

 

3 Reasons Why It's Never Too Late to Start the Work You Love

Tuesday, February 19, 2019

In a tough market, young South Koreans vie for the security of government jobs

Bureaucratic staying power:  While boy band BTS may be going places (no, that Grammy award is not theirs), a government survey shows that one in four middle-school students in South Korea dream of one day becoming not K-pop star or the next Steve Jobs, but that 'adjussi' in the civil service - Reuters
Desire for stability: Many South Koreans worry far more about jobs and the economy than they do about the nuclear threat from North Korea, like this jobseeker at a jobs fair in Seoul last November. — AFP
South Korean Finance Minister Hong Nam-ki, third from left, makes remarks at a meeting on reviving the economy at the government complex in Seoul on Jan. 9, 2019. (YONHAP / EPA-EFE/REX)
In a tough market, young South Koreans dream for the security of government jobs instead of tech innovation and K-pop success.

For more than three years, Kim Ju-hee has been studying full time for an exam that feels like her only shot at a good life in South Korea.

She’s lost count of how many times she’s taken the nation’s civil service exam and failed — though she knows it’s been at least 10. The 26-year-old is not sure what she’ll do if she fails again, so she figures that spending more than eight hours a day studying for her next try, on April 6, makes sense.

Kim hopes to become a government tax clerk, which offers a starting salary of about $17,000, and work for the government until retirement.

“There just aren’t other good jobs,” she said in a phone interview from her home in Seoul, where she lives with her parents.

The most sought-after careers among teenagers and young adults in South Korea, Asia’s fourth-largest economy, are government jobs they can count on to get them to their golden years, not jobs innovating and helping companies grow in the private sector.

Analysts say it’s a symptom of the nation’s slowing economic growth and competition from China in export-driven industries that young South Koreans, about a fifth of the 51 million population, are flocking to what they consider risk-free government jobs not vulnerable to the vicissitudes of the economy. The situation is particularly concerning because it was private companies in sectors like electronics, autos and shipbuilding that fueled South Korea’s rapid growth from one of the world’s poorest nations in the 1960s into an economic powerhouse, analysts say.

Many young people in South Korea say they don’t expect nongovernment job prospects to improve anytime soon despite a host of measures announced by South Korean President Moon Jae-in nearly a year ago to boost employment, including government stipends to companies.

South Korean President Moon Jae-in, right, puts on a safety helmet during his tour of a hydrogen plant in Ulsan, South Korea. Critics have pointed to the lackluster economy to say the president should be focusing on bettering South Korean lives, engaging with North Korea.

South Korean President Moon Jae-in, right, puts on a safety helmet during his tour of a hydrogen plant in Ulsan, South Korea. Critics have pointed to the lackluster economy to say the president should be focusing on bettering South Korean lives, engaging with North Korea. (YONHAP / EPA-EFE / REX)

Unemployment among those ages 15 to 29 reached 11.6% last spring — a level Moon called catastrophic, compared with a jobless rate that hovered between 3% and 4% for the rest of the country’s workforce. Taking into account young adults who are working part-time jobs or studying for an employment exam like Kim, nearly 1 in 4 are out of a job. By comparison, in the U.S., unemployment among those ages 15 to 24 fluctuated between 8% and 9% in 2018. South Korea uses a different age bracket to calculate its youth unemployment because of mandatory two-year military service.

The desire for stability and security starts so young that 1 in 4 middle school students say they dream of one day becoming not a K-pop star or the next Steve Jobs, but a public sector bureaucrat, according to a government survey from 2017.

Many South Koreans worry far more about jobs and the economy than they do about the nuclear threat from North Korea. Conservatives in South Korea who are critical of Moon’s efforts at detente with North Korea point to the economy, saying his focus should be on bettering lives in South Korea, not on engaging with the North.

Competition for South Korea’s 1.07 million government jobs is fierce. In one round of exams Kim took last year, more than 200,000 people applied, and the 4,953 highest-scoring candidates were hired for open positions — an acceptance rate of 2.4%. By comparison, Harvard’s 2018 acceptance rate was 4.59%.

Kim Y.H., 22, who is about to graduate from college in February with a degree in Japanese, recently began studying for a civil service exam to become a customs agent. She said the popularity of public sector jobs was a sign that her generation is pessimistic about South Korea’s economic outlook.

“The country won’t guarantee your future, even if you’re a college graduate,” she said. “So of course we want to go with the most stable path that’s out there.”

There isn’t the expectation that you’ll grow or get good treatment in the private sector. People choose stability over risk or challenge. Joo Won, economist

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One research report published last year estimated that as many as half a million South Koreans were studying for civil service exams full time instead of working. In 2017, the Hyundai Research Institute estimated that the economic cost from the lost work potential of so many young people spending years studying to get government jobs, rather than joining the private workforce, was more than $15 billion.

Moon’s administration has tried to encourage employment among young adults by paying small and medium-sized businesses to hire them, and by offering government-matched savings programs for young workers. He has also pledged to add 174,000 government jobs by 2022 to meet the heightened demand.

Some analysts, however, say the administration’s stopgap measures won’t do much to fix the problems underlying the push for government jobs.

“There isn’t the expectation that you’ll grow or get good treatment in the private sector. People choose stability over risk or challenge,” said Joo Won, one of the authors of the Hyundai study. “There are only so many public sector jobs the government can create. It won’t fix the situation.”

Many analysts point to the widening gap between the behemoth family-owned conglomerates that dominate the South Korean economy, such as Samsung and LG, and other companies. Large corporations including the chaebol, as they are known, accounted for about half of the revenue in South Korea in 2017 but provided only 20% of the jobs in the country, according to the most recent figures available from the government. And while their share of the economy grew, the number of jobs they offered dropped, because of consolidation and downsizing within the corporations amid the economic slowdown.


 
A Samsung flag and South Korean flag outside the Samsung building in Seoul in January. Analysts say part of problem for young job seekers in South Korea is the widening gap between the quality of jobs at family-owned conglomerates like Samsung and the rest of the players.
A Samsung flag and South Korean flag outside the Samsung building in Seoul in January. Analysts say part of problem for young job seekers in South Korea is the widening gap between the quality of jobs at family-owned conglomerates like Samsung and the rest of the players. (Jung Yeon-je / AFP/Getty Images)


That polarisation means stark disparity in income and working conditions between those employed by the conglomerates and those employed elsewhere – with starting salaries at large corporations averaging about US$36,000 (RM 146,370), compared with approximately US$24,000 (RM97,580) at smaller companies – fuelling intense competition for a decreasing number of coveted jobs. “The world was harsher than I thought,” she said.

“If you work for a small or medium-sized company, you become a second-class citizen” with a fraction of the income, long hours and poor benefits, said Kwon Soon-won, a business professor at Sookmyung University in Seoul.

Those without the impressive resumes increasingly needed for jobs at the top companies — internships, perfect grades, proficiency in a foreign language or three — are turning to civil service exams.

Applicants to civil service exams tripled from 1995 to 2016, according to a report by the Seoul Youth Guarantee Center. One online bookseller said it saw a 73.5% increase in sales of civil service exam prep books in 2016 compared with the previous year.

Kwon said South Korea’s high education level is part of the problem — although 70% of those ages 24 to 35 have college degrees, the economy hasn’t kept pace by creating enough quality jobs to meet the increased expectations of those graduates.

Kim Eun-ji, 26, certainly feels that way. With an economics degree from Chung-Ang University, a top-10 college in Seoul, she applied to more than 50 jobs at a wide range of companies big and small but never got past first-round interviews.

“If I think about how many people there are like me in the country, it just feels pointless,” she said, leaving an employment center in Seoul.

She has been studying for a government-issued computerized accounting license to better her employment prospects. Among her friends who graduated around the same time she did in early 2016, only about half are employed full time, Kim said.

Her roommate, who keeps deferring her college graduation, has been making a modest but steady income publishing romance novels online, which strikes her as a more viable option at a steady income than traditional employment.

As a kid, Kim Ju-hee had dreamed of becoming a singer or a teacher. But as an eighth-grader, hearing how hard it was to get a stable job, she set her sights on becoming a bureaucrat.

She’s gotten close to giving up, occasionally applying to other jobs or working part time here and there. But she worries that if she gives up, she’ll have spent years of her life in vain because none of what she studied for the exam will be useful for other jobs.

Victoria Kim

Victoria Kim reports from Seoul, South Korea, for the Los Angeles Times. Since joining the paper in 2007, she has covered the state and federal courts and the Korean community in Los Angeles. Her work has included investigations on the cover-up of the sex abuse scandal in the Los Angeles Archdiocese, killing of unarmed suspects by the Inglewood police, underpaid workers in the garment district and unaccredited law schools in California. She has previously written for the Associated Press in South Korea and West Africa, as well as the Financial Times in New York. Victoria was raised in Seoul and graduated from Harvard University.


Related posts:

Vanishing Jobs Growth Spells Deep Trouble for South Korea