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South Korean President Moon Jae-in has warned that the country’s record unemployment rate could lead to a national crisis if it is not addressed. 

Moon is seeking to secure additional government expenditure to create more public sector jobs, but some opposition politicians warn that the plan will add to the national debt.

26-year-old Ko Young-wee graduated from university two years ago with a degree in computer engineering. But he has failed to find a steady job in his hometown of Gunsan. 

“In this area there are lots of factories that have shut down, so unemployment is rising steadily. It’s getting harder so a lot of people are moving to other areas,” he said.

Professor Cho Young-tae from Seoul University says South Korea’s demographic situation is exacerbating the problem. 

The country’s population boom has slowed and it’s impossible to live on a pension, so the nation’s older workers will likely hold on to their jobs as long as possible, he said.

Professor Cho Young-tae, Graduate School of Public Health, Seoul University./CGTN Photo

The number of jobs is not going to increase and older workers are still going to remain in the job market, meaning the people who are worse off are those born in the 1980s, said Professor Cho. 

At 11.2%, youth unemployment is still low compared with countries like Greece and Spain but South Korea’s rising cost of living and lack of social security is creating a vicious circle.

President Moon wants to create more than 100,000 public sector jobs this year, and 800,000 more by the end of his term. but not everyone is convinced the plan is the right way forward.

The next few years will determine whether the job creation plan works. But in the meantime, record numbers of young South Koreans will continue scanning the job pages.