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2018 Eunoia

How Long Will the
Unemployment Rate Rise?

Min-jung Seo

The jobless rate, calculated to reflect
the unemployment rate, is the number
of workers who work less than 36 hours
a week and those who have worked in
non-economic activities for the past four
weeks but cannot find jobs. In other words,
the measure was prepared to supplement
the statistical limits of the official
unemployment rate which does not reflect
reality properly such as in classifying a
person as employed even if they work only an hour a week.
In April, the jobless rate increased to 11.5 percent, up 0.3 percentage points from a year earlier.
Unlike the unemployment rate, which has fluctuated over the past year, the jobless rate has risen
steadily. The unemployment rate dropped 0.7 percentage points in March (the greatest drop in 17
years), but then continued to increase for 13 consecutive months since April of last year.
Professor Jeong-soo Park of the economics department at Sogang University said, "The
meaning of the increase reflects the fact that not only high-quality jobs are being cut, but also
that irregular workers are not doing as well as they
wish."
The majority of people who read this would think
"So what? It has nothing to do with me." Is it just
a matter that has nothing to do with the common
reader? It is not a matter of little concern. The reason
for the increase in the rate of unemployment is the
minimum wage. Therefore, the government should
plan to redesign its policies and systems to lower
the unemployment rate and create jobs for everyone
including young people.

19MYEONG-SHIN GIRLS' HIGH SCHOOL