https://www.koreatimes.co.kr/www/biz/2024/07/602_377222.html> The number of young Koreans who opted out of the job market in May was recorded at about 400,000, the highest since 2020. Despite the government's measures announced last year to integrate this group into the labor market, their number increased again after nine months as the number of full-time jobs decreased.
> However, experts believe that such policies have their limitations if there aren't enough quality jobs for the 15-29 age group.
> "The impact of high interest rates and reduced investment following the pandemic has led to a decrease in quality jobs desired by young people," Kim Gwang-suk, head of research at the Institute for Korean Economy & Industry, said. "This situation has resulted in a decline in regular employment and a loss of job-seeking motivation among young people."
If you are older, you are likely trapped in your job and must do. If you are younger, you are likely not, and can opt out. Based on trajectories, what do we think will happen to more young folks who age into working age? Grind? Or opt out? Consider how this impacts total fertility rate, at a time when South Korea has set a record for lowest in the world.
https://www.reuters.com/world/asia-pacific/south-koreas-fert...
> South Korea's fertility rate, already the world's lowest, continued its dramatic decline in 2023, as women concerned about their career advancement and the financial cost of raising children decided to delay childbirth or to not have babies.
> The average number of expected babies for a South Korean woman during her reproductive life fell to a record low of 0.72 from 0.78 in 2022, data from Statistics Korea showed on Wednesday.