S. Korea's ratio of unemployed in late 20s ranks highest among OECD nations

The proportion of unemployed people aged 25-29 in South Korea has ranked the highest among member nations of the Organization for Economic Cooperation and Development, a report showed Monday.

According to the report by the Bank of Korea, the 25-29 age bracket accounted for 21.6 percent of unemployed people in South Korea in 2018, marking the highest ratio among OECD members.

It marked the seventh consecutive year that the proportion of unemployed people aged 25-29 in South Korea ranked highest among OECD members, the report said.

The 25-29 age range accounted for 19.4 percent of unemployed people in Denmark in 2018, followed by Mexico with 18.2 percent.

For the United States and Japan, the ratio was 13 percent and 12.6 percent, respectively.

South Korea has seen its youth unemployment rate rise since 2013, along with Austria, Switzerland, Finland, France and Turkey.

Experts noted that amid the global economic downturn, South Korea's relatively tight job market dealt a hard blow to young job seekers.

Professor Sung Tae-yoon from Yonsei University said companies are reluctant to increase hiring of young people because the starting salary for new employees in South Korea is relatively high compared to other nations. South Korea's jobless rate fell by 0.1 percentage point to 3.1 percent in November last year.

The number of employed people reached 27.5 million in November last year, government data showed.

The unemployment rate for young adults -- those aged between 15 and 29 -- also fell to 7 percent in November last year from 7.9 percent tallied a year earlier.