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With an increase of college teachers than jobs, the government wrestles with what to do with themSouth Korea is beginning to wrestle with all the unappetizing fact that too many of their young are in college. Despite the incredibly real achievement of its economy, the country can't production enough jobs for its graduates – of which it creates a lot.

Singapore, Taiwan and also other Asian countries to some extent face precisely the same glut. Nevertheless , South Korea seems in a class on its own. Some 86 percent of most high school graduates go on to school, and most expect to graduate which has a degree. Regarding 3. a few million pupils are enrolled in 347 educational institutions – simply by one calculations one of just about every 14 South Koreans is known as a university student. A full 80 percent of parents fully expect their children to graduate with a degree. According to a analyze by the Samsung Economic Research Institute, the amount of students in college is in fact lowering low domestic product by a full percentage level.

The country is usually regularly up against the strange phenomenon of newspaper reports about a lot of its brightest graduates who also are forced to enroll in business schools to get a job after graduation – including a new story inside the Korea Herald about a youthful woman having a degree in French whom enrolled in a course to become a Starbucks barista. Other stories have philosophy graduates learning to become bakers. Fewer than half of those who graduated in 2010 had found regular jobs right at the end of 2011.

That has moved the Southern region Korean govt to promote professional skills as an alternative to college, with President Shelter Myung-bak turning up to open the Sudo Electric powered Technical Secondary school in twenty. Sudo is definitely one of twenty one so-called Meister Schools patterned on A language like german vocational schools, that are being funded by the govt and which guarantee teachers jobs.

Nevertheless , critics claim lots more should be done and that in fact the entire education system has to be redesigned. The 21 Meister schools are hardly enough, and the practical training aspects of their curricula mean funding must be increased considerably more than that of educational high schools. Certification systems for the students must also be introduced.

In line with the SERI examine published a week ago, " approximately 42 percent of the country's college participants are over-educated. ” Had those 42 percent bypassed college and started doing work immediately after highs school, in line with the study, Southern region Korea's low domestic merchandise would have been as much as a complete percentage level higher.

In addition , according to the research, maximum opportunity costs -- tuition additionally forgone income -- from attending college total nearly W19 trillion per year (US$16. 28 billion). That is W14. 77 trillion for four-year university graduates and W4. 24 trillion for two-year graduates. The typical university graduate student spends W119. 6 million (US$102, 000) on his or her education and W53. 6 mil for two-year college teachers.

A college degree defines achievement, however , marginalizing high school teachers despite the fact that through the era of Korea's double-digit growth age, skilled specialists and carpenters with secondary school degrees were credited with building the country's infrastructure and lifted manufacturing up to global standards.

" Currently, even these better fitted to technical competent jobs just after high school truly feel compelled to pursue a university degree, ” in line with the report. " Over the past ten years, corporate professionals with only a high institution degree include plunged to 2 . six percent from 7. 2 percent. ”

It is relatively easy to see how come the fresh opt for college despite the populated campuses. In the event that half the graduates are recorded the street, the odds are about the same for those which has a high school degree or diploma, and after becoming hired they are usually headed to get low-skill careers. In 2011, in respect to SERI, the employment rate of young people using a high school degree only was 59. 1% and those who had been working were employed in low value-added...