Latest news with #LeeMi-suk
Korea Herald
3 days ago
- Business
- Korea Herald
'Resting' youth cost economy over 10 trillion won a year: report
An increasing number of highly educated young people are neither working nor seeking employment An estimated 53.4 trillion won ($38.5 billion) in potential economic output may have been lost between 2019 and 2023 due to an increasing number of young South Koreans who voluntarily stayed out of the workforce, a new study showed Monday. The report by Professor Lee Mi-suk of the Changwon National University, commissioned by the Federation of Korean Industries, quantified the economic impact of a youth population that chose to 'rest' during the five-year period. This refers to those between the ages of 15 and 29 who were neither employed nor looking for a job and had no particular reason such as academic study, training or housework. Those who were unemployed but looking for a job, or were in the process of obtaining credentials for future employment, were not considered to have rested. The study found that 8.89 trillion won could have been added to the economy in 2019 if voluntarily unemployed youth had worked that year, followed by 11.45 trillion won in 2020, 10.36 trillion won in 2021, 11.17 trillion won in 2022, and 11.51 trillion won in 2023. The estimates are based on assumed monthly earnings equivalent to 80 percent of the salaries of their working peers, which ranged from 1.55 million won in 2019 to 1.79 million won in 2023. Legally-mandated insurance fees were deducted, and the adjusted monthly income was multiplied by 12 to estimate the potential net income the group would have contributed to the economy each year had they been employed. The percentage of people in the 15-29 age demographic who were resting increased from 4.48 percent in 2019 to 5.47 percent in 2023. Compared to the total population, 0.93 percent of young Koreans rested in 2023, up from 0.84 percent in 2019. The youth population itself decreased from 9.66 million to 8.79 million during the same period. Data shows more young people who received higher education chose not to work. In 2019, 159,000 with a bachelor's degree or higher rested, but the number increased to 184,000 in 2023. "Many young people who could be receiving high salaries are resting, causing economic loss (to the country)," the report said. A report last week by Statistics Korea showed that 421,000 Koreans in their 20s rested in July, marking an all-time high for the month since the government started compiling the statistic. The employment rate for the 15-29 group marked a 0.7 percent decrease on-year, in contrast to an increase in employment for the general population. Lee's study suggested that the government should approach the issue from multiple angles, such as expanding scholarships based on work-study programs and career guidance for young people to motivate them to seek employment.
Yahoo
25-05-2025
- Climate
- Yahoo
Farmers devastated as unprecedented event wipes out nearly all of key crop: 'I've never seen the blossoms freeze and die off like this'
Devastation struck farmers across South Korea after an unexpected spring frost wiped out newly blossomed crops. An unprecedented spring frost fell upon South Korea, with temperatures falling to 22.6 degrees Fahrenheit. This led to new pear blossoms becoming frostbitten and dying. The pistils of the flowers turned black, indicating the death of the blossoms. Lee Mi-suk, an orchardist who has spent over three decades growing pears, has never seen anything like this. "In over 30 years of growing pears, I've never seen the blossoms freeze and die off like this," Lee told JoongAng Daily. "What good is inspecting the pollen when there are no ovaries?" Other crops in the region, including peaches and apples, also suffered due to the erratic weather. Hundreds of cases of cold-damaged crops were reported in nearby North Chungcheong. "In the past, we believed that warmer weather and earlier flowering would boost crop productivity. But what we're seeing is the opposite — more frequent spring frost damage and worsening productivity," Jeong Su-jong, professor at Seoul National University, told JoongAng Daily. The unseasonal cold was made worse by erratic weather patterns, including an unexpected warm spell in mid-March, which led to early blooming. This unusual weather event, which resulted in the loss of so many crops, is yet another example of mass global warming disrupting typical seasonal patterns. This disruption in our ecosystem affects not only the lives of crops but also the habitats and food supplies of every animal, including humans. Critical climate issues worldwide continue to rise, and environmentalists everywhere are looking for solutions to stop this widespread issue. Do you worry about how much food you throw away? Definitely Sometimes Not really Never Click your choice to see results and speak your mind. Efforts to address erratic weather events are increasingly focused on prevention and adaptation. Climate experts are pushing for a reduction in the creation of planet-warming gases, a reduction of waste to create smaller landfills, and better climate insurance to protect farmers from financial loss. Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
