[THE INVESTOR] Korea’s main conglomerates are set to open the year’s second hiring season, potentially handing tens of thousands of new university graduates and entries to the market their first jobs, industry sources said Aug. 16.

Most large South Korean firms hold two hiring events -- one in spring and the other in fall -- to accommodate graduating students.

Market observers said the tens of thousands of new jobs will certainly offer great relief to the country and its young population, whose jobless rate continues to remain high at around 10 percent, after having peaked at a record 12.5 percent in February.

Still, many will find it difficult to land a new job as most companies are expected to hire less than in previous years, they noted.

In an earlier survey conducted by the Korea Employers Federation, 336 local firms with more than 100 workers each said they planned to reduce their number of new hires in 2016 by 4.4 percent from a year earlier.

(theinvestor@heraldcorp.com)