Below is the excerpted article from the Korea Herald.
Jobseekers flood top corporations
Korean jobseekers are facing record high competition to land a job at major companies this year, as local corporations scale down their recruiting plans due to economic uncertainties.
KT Freetel Co., the nation's No. 2 wireless carrier, said yesterday that more than 8,000 people had applied for its second-half employment while the company plans to hire only 50.
The 160-to-1 ratio was the highest ratio of applications to jobs the company has ever recorded and followed last year's recruiting which drew 6,500 applicants for 50 hires, KTF officials said.
Other major industrial groups have also been inundated with job applications, with unemployment remaining high.
Recent state figures showed that the country's seasonally-adjusted unemployment rate remained at a three-year high of 3.6 percent in August. About half of the jobless are 15 to 29 years old, according to the data.
Samsung Group, Korea's largest conglomerate, said it received 55,000 applications for 5,000 hires scheduled for the second half.
Its flagship unit, Samsung Electronics Co., drew the largest number of candidates at 25,000, while Hotel Shilla attracted 1,000 jobseekers for just 10 posts.
CJ Group drew 24,000 appliers, whereas only 170 people will be recruited this year.
By subsidiary, CJ Media, a cable TV operator, and CJ CGV, a major theatre chain, saw the highest competition ratio of around 600-to-1. The comparable ratio stood at 300-to-1 for CJ Home Shopping.
Hyundai Engineering & Construction said it already received 8,525 applications for 120 hires scheduled for early 2005.
The local banking sector has also emerged as one of the most popular targets for domestic job hunters.