A report published by the International Labour Organization (ILO) projects that if nations around the world maintain their current hiring practices, the international labor market will not recover to levels posted before the global financial crisis until after 2015.
In its World of Work Report 2010, the ILO projects that the global unemployment rate will reach six-point-five percent this year.
In regards to South Korea, the report said that eight-point-three percent of people ages 15 to 29 were unemployed as of June this year and that focus should be given to reversing this trend. Also according to the ILO report, the overall unemployment rate in Korea dipped from five percent in January to three-point-five percent in June.
The ILO added that South Korea should work to strike a balance between labor market flexibility and adequate levels of social security.
In addition, the ILO report showed South Koreans were less satisfied with their lives in 2009 than they were in 2006.