By Yoon Ja-young
Half of young people get less than 1.5 million won ($1,328) as a monthly salary at their first job. The ratio of such low-paid jobs, however, decreased from a year ago thanks to the minimum wage hike.
According to a Statistics Korea report on economically active young people, 33.8 percent earned between 1.5 million and 2 million won a month at their first job. The ratio has surged by 4.1 percentage points from a year ago. The ratio of those earning between 1 million and 1.5 million won, meanwhile, fell to 31.1 percent from 37.5 percent. Those who earned between 2 million and 3 million won totaled 15.3 percent, while 2 percent succeeded in getting high-paying jobs offering over 3 million won.
Statistics Korea explained that the improvement in the income statistics of young people seems to be related with the minimum wage hike.
"Nominal wages tend to rise, but it seems that the minimum wage hike also affected the rise this year," said Bin Hyun-joon, head of the employment statistics division at Statistics Korea.
The minimum hourly wage is set at 7,530 won this year, following a 16.4 percent hike. When converted into monthly salary, it equals 1.57 million won. The minimum wage is scheduled to reach 8,350 won next year following a 10.9 percent hike.
Despite a rise in salaries, the job market is tougher than ever for young people. The report showed that it takes on average four years and 2.7 months for college and junior college students to get a diploma, which is 0.4 months longer than a year ago.
It took on average 10.7 months for young people to land their first salaried job after graduation, up 0.1 month from the previous year. For those without college diplomas, it took on average one year and four months from graduation until they get hired.
"As more people go to colleges, those with college degrees are taking jobs that are suitable for those who only graduated from high school," Bin said.
After going through tough competition to get their first job, 60 percent quit after an average 14 months. When asked why they resigned, 51 percent said they were not satisfied with the working conditions such as pay and work hours.
Among economically inactive young people, 13.1 percent were preparing for job exams, while 40 percent were seeking government jobs. Those who received vocational training, meanwhile, stood at a mere 18.8 percent.
Half of young people get less than 1.5 million won ($1,328) as a monthly salary at their first job. The ratio of such low-paid jobs, however, decreased from a year ago thanks to the minimum wage hike.
According to a Statistics Korea report on economically active young people, 33.8 percent earned between 1.5 million and 2 million won a month at their first job. The ratio has surged by 4.1 percentage points from a year ago. The ratio of those earning between 1 million and 1.5 million won, meanwhile, fell to 31.1 percent from 37.5 percent. Those who earned between 2 million and 3 million won totaled 15.3 percent, while 2 percent succeeded in getting high-paying jobs offering over 3 million won.
Statistics Korea explained that the improvement in the income statistics of young people seems to be related with the minimum wage hike.
"Nominal wages tend to rise, but it seems that the minimum wage hike also affected the rise this year," said Bin Hyun-joon, head of the employment statistics division at Statistics Korea.
The minimum hourly wage is set at 7,530 won this year, following a 16.4 percent hike. When converted into monthly salary, it equals 1.57 million won. The minimum wage is scheduled to reach 8,350 won next year following a 10.9 percent hike.
Despite a rise in salaries, the job market is tougher than ever for young people. The report showed that it takes on average four years and 2.7 months for college and junior college students to get a diploma, which is 0.4 months longer than a year ago.
It took on average 10.7 months for young people to land their first salaried job after graduation, up 0.1 month from the previous year. For those without college diplomas, it took on average one year and four months from graduation until they get hired.
"As more people go to colleges, those with college degrees are taking jobs that are suitable for those who only graduated from high school," Bin said.
After going through tough competition to get their first job, 60 percent quit after an average 14 months. When asked why they resigned, 51 percent said they were not satisfied with the working conditions such as pay and work hours.
Among economically inactive young people, 13.1 percent were preparing for job exams, while 40 percent were seeking government jobs. Those who received vocational training, meanwhile, stood at a mere 18.8 percent.
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