Facing an unprecedented job crunch at home, many young South Koreans are now signing up for government-sponsored programmes designed to find overseas positions for a growing number of jobless college graduates in Asia's fourth largest economy.
"Brain drain isn't the government's immediate worry. Rather, it's more urgent to prevent them from sliding into poverty" even if it means pushing them abroad, said Kim Chul-ju, deputy dean at the Asian Development Bank Institute. The top 10 conglomerates including world-class brands such as Samsung and Hyundai, make up half of South Korea's total market capitalisation.
South Korea has the most highly educated youth in the OECD, with three-quarters of high school students going to college, compared with the average of 44.5 per cent. In the southwestern city of Gwangju, Kim Yong-gu, the chief executive of Kia Motor supplier Hyundai Hitech, says foreign workers are more expensive but he has no choice as he can't find enough locals to fill vacancies.
Source: News Formal (newsformal.com)
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