Nepal, Morocco, Madagascar, and now South Korea—the youth are not accepting economic hardships quietly. South Korea passed a “public intimidation law” that criminalizes threats or acts of crime against the general public with a penalty of 20 million won ($13,700) or five years imprisonment. New data has found that half of the suspects are in their 20s and 30s, according to ministry data obtained by Representative Song Seok-jun.
The most common motive noted in around one-third of cases is anger or resentment toward society. The law went into effect back in March and there have been over 70 cases of public intimidation. Authorities have arrested over 50 people, mostly men in their 20s. Crimes vary from online hate to bomb threats.
Seoul National University’s School of Public Health reported in May that 55% of adults in South Korea are living in a state of “prolonged emotional frustration,” and 70% reported that society is “fundamentally unfair.”
Youth unemployment in South Korea has reached 15%, with the national average sitting at 5%. Over 1.2 million young people are unemployed, despite South Korea having one of the highest rates of higher education. Working for a family-run conglomerate or a chaebol is seen as prestigious compared to small and medium enterprises (SMEs) where working conditions and pay are less desirable. SK, LG, Samsung, and Hyundai alone accounted for 40.8% of the national GDP in 2023. In fact, 84.3% of all GDP can be traced to 64 companies ,but they compose only 10% of available jobs.
“The figures make clear that the chaebols’ impact on the Korean economy cannot be easily disregarded. But the 64 chaebol’s share of employment is lower than their share of revenue, which means they need to more aggressively expand their hiring,” said Oh Il-seon, director of the Korea CXO Institute.
Over 70% of Koreans between 25 and 34 hold a college degree, which is 20 points higher than the OECD average. Studies show that only 24% of college graduates in South Korea earn more than those with a high school diploma. In contrast, 69% of college graduated in America are employed.
South Korean children begin training for a position at a chaebol. The market is saturated with educated, eligible employees. Housing and the overall cost of living have skyrocketed. The youth followed the playbook and lost the game. South Korea already has a plethora of political turmoil, but no one is more vocal or willing to cause unrest than the youth.
