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Career and Study

Do young people work for money?

Career and Study

Most young jobseekers are pessimistic about the current employment situation. Research found that 74 percent of fresh university graduates were anxious about the soaring competition in the job market; and it is estimated that the number of graduates who spend six months seeking a job would increase by 10% to 13% from last year. The Hong Kong Jockey Club Centre for Suicide Research and Prevention of The University of Hong Kong projected that among the suicide cases of people aged 15 to 24 in 2014, many were related to unimpressive starting salaries. The starting salaries of young people of different educational levels are much lower than those in ten years ago, bringing them with economic and psychological burdens.

As most enterprises are reluctant to invest in extra vocational training for the youth, the issue of youth unemployment is prevalent around the world. The rates of youth unemployment in South Korea and Taiwan are twice or thrice the average unemployment rate; and the global rates of youth unemployment even exceeded 13 percents. In response to the problem, South Korean President Park Geun-hye has proposed the “peak wage system”, under which salary for elder employees begins to reduce from a certain age and the costs saved will be used to create more jobs for young workforce.

Amid the sluggish economy, it is understandable for enterprises to exercise strict control over operating cost. Yet, it is hoped that the government and employers would take actions to tackle the problem of youth employment and secure the sustainability of social and economic development. Apart from salaries, young job-hunters should also take personal interests and capabilities into consideration, as this will be conducive to their career development.