Tashkent, Uzbekistan (UzDaily.com) -- According to the Ministry of Labor of the Republic of Korea, the country is faced with a shortage of cheap labor and an oversupply of management personnel. If the current trends continue, then the situation of small and medium-sized businesses in the country may worsen due to a serious imbalance in the labor market.

Experts point to the following factors that led to problems in the labor market in South Korea.

1) A drop in the share of cheap labor and an increase in the number of people with higher education. In the Republic of Korea, education is of great importance and almost all parents try to give it to their children. Basically, university graduates are trying to get a job in the management structures of companies.

At the same time, construction and the service sector are experiencing an acute shortage of personnel. Against this background, the state is forced to attract cheap labor from abroad. Among Koreans aged 24-34, about 70% have a university degree. For comparison: in Canada this figure is 60.9%, in Japan - 60.4%, in the USA - 47.8%, and in Germany - 31.3%.

2) The spread of the coronavirus. In connection with the pandemic, the authorities of the Republic of Korea were forced to introduce quarantine, which led to a shortage of foreign labor. In 2020, only 9.9% of the originally expected number of foreign workers arrived in the country. It was assumed that this year 56 thousand foreign workers will arrive in the country. However, as of August 2020, only 5.4 thousand workers arrived in the country.

In the manufacturing industry, out of the expected 40.7 thousand workers, 4.1 thousand people profit, in the construction sector - 177 out of 2.3 thousand people, in agriculture - 1.1 thousand out of 6.4 thousand. people, in the field of fishing - 253 out of 3 thousand people.

In general, according to experts, despite the measures taken by Seoul, the country is unable to overcome the coronavirus pandemic. Attempts by the country's authorities to increase the interest of young people in technical education do not give the desired results.

In these conditions, as observers note, in the near future, problems in the labor market in South Korea will persist, and Seoul will look for additional ways to organize an organized recruitment of cheap labor for employment in the country.