The nation's July unemployment rate rose to the highest level of the year to 5.23 percent as college graduates entered the job market, the Directorate General of Budget, Accounting and Statistics (DGBAS) reported yesterday.
That's up from 5.11 percent in June and 4.92 percent a year earlier. The number of people out of work rose to 523,000 in July from 509,000 in June, DGBAS said.
During the first seven months of the year, the jobless rate averaged 5.11 percent -- up 1.03 percent from a year earlier. The government said last month it expects the jobless rate to average 5 percent to 5.1 percent this year, higher than last year's 4.6 percent.
A poll released by 1111 Job Bank (1111
Those who have jobs found them between one to two months after graduation in June, but only 58.3 percent of these people found their jobs satisfying.
According to the survey, just 7.34 percent of businesses have plans for new recruitments in the last quarter of this year. In other words, those who can't find jobs by September will have to wait until next spring before more employment opportunities arrive.
Woeful job prospects have led many students to prolong their schooling years by entering graduate school.
According to a poll conducted of National Taiwan University (NTU) seniors, just 22.3 percent plan to work immediately after they graduate next year.
Sixty-one percent of the seniors interviewed have decided to go to graduate school, 37.8 percent of whom will attend graduate programs inside the country, in comparison to the 23.2 percent who plan to attend institutes overseas.
Instead of choosing to work for private companies, 3.3 percent say they will try to start their own business, while 13.4 percent hope to become civil servants.
A consultant for graduating students at NTU noted that there is an increasing number of students choosing to prolong their studies because of the sluggish job market.
Sparse job offers also makes every single opening extremely competitive.
A staff member at the Ministry of Education said a job vacancy to be a school administrator with a monthly salary of less then NT$20,000 (US$590) drew more than 30 applicants, some of whom even hold master's or doctoral degrees.
Another report released by 1111 Job Bank showed that more than 90 percent of performing or fine arts students and 80 percent of students majoring in liberal arts say what they learned at school does not at all meet the needs of the job market.
Sixty-eight percent of the social science students and 35 percent of students majoring in natural sciences found their academic training not useful after graduating.
The survey also indicated that the chances of finding a job was higher for those with advanced degrees. More than 50 percent of master's and doctoral degree holders have found jobs.
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