Employment of College Graduates Shrinks Due to COVID-19... Employment Rate of Liberal Arts Students Drops by 6.1%p

[Asia Economy Sejong=Reporter Son Seon-hee] As the employment market has significantly contracted due to the COVID-19 pandemic, the employment rate of young people graduating from universities has sharply declined. In particular, the employment rate of graduates in the humanities and social sciences dropped more significantly than that of those in science and engineering fields. Overall, as it became more difficult to find jobs, the number of students postponing graduation or taking a leave of absence increased, according to the survey.

Statistics Korea published the 'Social Trends in Korea 2022' report on the 13th, which contains these findings. The report analyzes 12 areas including population, labor, and housing based on data, with experts from various fields providing insights to help easily understand changes in citizens' lives and society.

According to Professor Chae Chang-gyun of the Korea Research Institute for Vocational Education and Training, who analyzed 'University Life and Employment Status after Graduation during the COVID-19 Period,' employment for university graduates became more difficult due to COVID-19. Professor Chae explained, "By major field, the employment situation for science and engineering graduates was not affected by COVID-19, whereas the employment rate for humanities and social sciences graduates dropped sharply by 6.1 percentage points and had not recovered to pre-COVID-19 levels even in 2021."

Furthermore, as labor market conditions worsened due to COVID-19, the number of students postponing bachelor's degree acquisition clearly increased. For junior colleges, the number of students postponing degree acquisition rose significantly from 202 in 2019 to 340 in 2021, and for general universities, it increased from 13,241 to 19,016. Especially at top universities such as Seoul National University, Yonsei University, and Korea University, the proportion of students on leave increased by 1.7 to 2.6 percentage points in 2021 compared to 2019. The report stated, "As opportunities to fully enjoy university life continued to be limited, the number of students taking leaves to prepare for re-examinations appears to have increased."

COVID-19 also negatively impacted the wages of university graduate wage workers, with a greater effect on relatively disadvantaged groups such as junior college graduates and women. While the wages of general university graduates slightly increased from 2,082,000 KRW in 2019 to 2,115,000 KRW in 2020, those of junior college graduates decreased from 1,868,000 KRW to 1,743,000 KRW.

Additionally, as COVID-19 worsened the business conditions of small enterprises and small and medium-sized enterprises, the number of young employees in these companies decreased by 15,000.