South Korea

Introduction

South Korea has one of the lowest unemployment rate particularly in Asia. However youth`s employment rate has significantly dropped from 78% in 2000 to 70% in 2016. One of the reasons why they think this happened is due to changes in Labor Demand, with the developments in IT the following changes have

been witnessed in advanced economies, the technology replaced the workers and the wages has been polarized. The professional workers earned more and the low skill workers earned less. In this respect, the Government of Republic of Korea implemented the APEC Project for youth Employment Promotion, the main purpose of this is the enhancement of youth employability within the APEC Region.

Summary

The project offered different youth employment programs that has greatly helped in increasing the benefits of unemployed. One of these is the Employment Insurance (EI) System of Korea, which promote unemployment benefit scheme and active labor market programs in same institutional framework. It also plays an important role in career coaching for the young and job placement.In 2016, EI conducted several programs namely, (1) Employment Stabilization Program, which provided a total of 650B KRW worth to support 402,000 beneficiaries; Job Skills Development, provided a total of 1,446B KRW to support 3,465k beneficiaries; Unemployment benefits, provided 4,895B KRW of benefit to 1,279k beneficiaries; and Maternity and Paternity Leave benefit, that provided 873B KRW for 180k beneficiaries.

Critical Evaluation

Given the facts that it is hard to earn money/benefits and finding a stable job takes time. South Korea's Program for Unemployment undeniably helped a lot. Since we all know unemployment might lead to financial hardship, severe debts, shame and stigma and eventually, crimes. While on a personal point of view, when a person becomes an employee, he/she will earn that may lead to a higher rate of consumer spending, wherein it benefits businesses that depend on consumer sales to stay open and the economy for its growth. Thus, in this research young graduates whom the South Korean government focused on its unemployment benefited a lot from the program they have launched and it increases the productivity. This makes South Korea's economy has grown more accordingly because of the programs, with its money circulating in it and its people working for their necessities.

Conclusion

To conclude the research, we have found that South Korea's program for unemployment is a success. Looking back to their economy years ago, we can clearly see the changes the APEC and different more programs of South Korea had. With its profoundly growing economy, unemployment is not a huge issue and problem to them now.

Philippines

Introduction

According to Philippine Statistics Authority's Annual Estimates of Labor Force Survey 2016, the annual employment rate was reported at 94.5 percent and the annual unemployment rate was 5.5 percent, numbered about 2.4 million persons. The attributed reasons for unemployment in the Philippines include overpopulation and structural unemployment, and job-skill mismatch. Because of these, the Department of Labor and Employment (DOLE) implemented programs to enhance workers' employability, particularly among the youth by keeping them in school, providing relevant training and work experiences namely: Special Program for the Employment of Students (SPES), Government Internship Program, and Job Start Program. They also provided technical trainings, such as the Maritime Training Program, Job Fairs, and Livelihood Programs and Assistance.

Summary

The Special Program for Employment of Students (SPES) provided temporary employment to 229,674 poor students and out-of-school youth so that they can augment their financial capacity to continue their education. The Government Internship Program (GIP) helped 43,385 youth gain government experience as interns for six months. Job Start has provided 3,398 youth with life skills training, technical training and paid internship. 1,372 job fairs were conducted with 602,357 applicants registered. Of this total, 114,929 applicants or 19 percent were hired on the spot. Phil Job Net, a mobile friendly web application were also established wherein job seekers can find job matches, updates, and announcements. Under the DOLE Integrated Livelihood Program (DILP) or Kabuhayan Program, the livelihood assistance is provided as grants and receives training on skills and entrepreneurship. They are also provided with social security coverage and insurance schemes, such as SSS, GSIS, PhilHealth, and Pag-IBIG.

Critical Evaluation

Joblessness and under employment are the Philippines most significant issues and the vital markets of the shortcomings of the economy. Around a million specialists are jobless; this reserve army of labors is an impression of what occurs in the economy, especially on account of its inadequacy to give occupations to its developing workforce. The social expenses of this mass joblessness range from pay misfortunes to serious social and mental issues coming about because of not having a work a feeling uncertain about what's to come. Overall, it causes a massive social failure.

Conclusion

To address the accompanying joblessness issues constantly in the Philippines, the public authority has arranged an update in its work area. The public authority upheld TESDA (Technical Education and Skills Development Authority) and SPES (Special Program for Employment of Students) project which offers professional courses and talented work trainings. This expects to give open door for the individuals who can't bear to concentrate in the schools and the colleges. With these activities pushed by the public authority, more Filipinos will be able to work in occupations they are gifted of whether inside the nation or abroad.

Question: Similarities of South Korea to Philippines.