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Immigration Policy in South Korea advised Increasing Highly-Educated Foreign Workers

December 2017, 12
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South Korea must focus on the attracting highly-educated foreign workers in the professional sectors.

As per the Bank of Korea, foreign workers enter the labor market of South Korea, at a predominantly high rate, today while the ratio of foreign workers in the market is low when compared to other countries. 

In 2015, the inflow into the South Korean market of foreign workers increased far beyond 2000. During that period, there was little change in Japan and the United States, and the increase of the British labor market was low when compared to the South Korean market.

Lee Byung-hoon, a professor of sociology at Chung-Ang University said that it is expected that many overseas workers will enter South Korea, in due course, because of the factors, of an aging population and low fertility rate, which are observed simultaneously in South Korea. The requirement of foreign workers, needed to maintain existing industrial structure, in the country in 2050, is as huge as 500% of the present level.

The Bank of Korea also made clear that foreign workers can impact on the per capita income of South Korea based on their vocational skills and education. Low-skilled workers will impact negatively on the per capita income because generally, they have jobs with low-wages. The European Commission has made a prediction that the existence of refugees in Europe has a tendency to reduce the per capita GDP of the region by 0.1 % from the previous estimate done for 2017 to 2020 period. A related decline, in wages, for similar reasons, is happening already, in South Korea also. In the meantime, there was no difference in the wages of local and foreign workers.  Foreign workers are well educated and belong to Australia, Canada, and other countries. Their effect on the economy of South Korean depends on the immigration policy adopted by the government. There must be a focus on attracting top educated overseas workers in top professional areas.

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