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Young South Koreans face jobless woes with 'graduate glut'

AFP, Seoul
SONG A-Hyun was once confident she would follow in her father’s footsteps — graduate from one of the nation's best universities, land a plum job at a top firm and enjoy a high-flying career.
But the 23-year-old's dreams have faded. Over the past year she has sent out more than 40 resumes ahead of her graduation this month -- only to be rejected every time.
A degree at the top women's university Ewha, a high grade point average of 3.7, a year-long stint in Hong Kong as an exchange student, flawless English skills and two internships were simply not enough.
"Everyone has a pretty good GPA, scores pretty well in English proficiency tests and has done one or two internships, so there may be nothing special in my resume,” Song told AFP
"I've worked really hard to get all these qualifications, though...the thing is, there are too many people like me and too few jobs for us."
Song is one of a growing number of highly-educated young South Koreans, who face grim job prospects amid a worsening graduate glut and slowing growth after decades of rapid development.
South Koreans' zeal for education has long been cited as a driver of its stellar rise from acute post-war poverty to global economic powerhouse.
Children and teenagers spend stressful childhoods cramming to get into prestigious universities — or colleges of some kind, at least. This is seen as vital to prosperity, social standing and even marriage prospects.
The so-called SKY universities — Seoul National University, Korea University and Yonsei -- are the most prestigious.
But given growing graduate joblessness, the government has launched a campaign to encourage more youngsters to bypass university or college. It is pushing more businesses to hire school-leavers.
About 72 percent of high-school graduates went on to college or university last year, slightly lower than a record 83.8 percent in 2008 but still one of the world's highest figures.
But desirable jobs are dwindling as rapid development gives way to a more measured peace and more youngsters shun small- or mid-sized companies offering lower pay.
President Lee Myung-Bak has repeatedly urged college students to lower their standards and seek jobs at lesser-known companies, and has adopted more programmes to support vocational high schools.
"The excessive 'education inflation' of our country is causing so many problems socially and economically," Lee said earlier this year.