South Korea will introduce an internship visa program for foreigners studying at overseas universities to ease a shortage of talent in the fields of semiconductors and other high technology, the Ministry of Justice said on Friday.
Under the new rules set to come into force next week, foreign students at leading overseas universities will be allowed to work as interns at Korean IT companies or research institutes.
“Most students tend to land a job at the company where they finish an internship before graduation,” said an IT industry official.
"This new visa program will open the door wide to foreign talent.”
Until now, foreign nationals studying at overseas colleges have not been eligible for internships at Korean companies. In other words, internship visas for foreigners have been issued only to those with academic degrees, or foreign students at a local university.
The new visa program will allow foreign talent studying at foreign colleges to work for Korean high-tech companies listed on the local bourse, research institutes run by companies, startups or state-run science and technology research institutes.
But the program will be restricted to companies or research institutes related to semiconductors, nanoelectronics, biology, new materials, energy and other high technology.
The intern must be a student or someone who has graduated from one of Time magazine's list of top 200 universities in the last three years.
Either that or, the candidate must be set to receive a degree in an area of advanced technology from one of Quacquarelli Symonds’s (QS) list of top 500 universities in the world.
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To help foreign students land jobs at local companies after finishing their internships, South Korea will extend their one-time job search period from the current six months to one year.
Also, they will be paid the country’s minimum wage or higher. In 2023, South Korea’s minimum wage will rise 5% on-year to 9,620 won ($7) per hour, or 2 million won a month before taxes.
The government will also streamline paperwork for those who want to study at a local university following an internship. Further, it will loosen rules on changing their visa status to allow them to work for a Korean company or set up a business here.
To protect jobs for young Koreans, the internship program for high-tech foreign students will be restricted to 20% of a company’s workforce.
But the quota will not apply to small- and medium-sized enterprises or startups during their first three years of business, considering their difficulty in finding qualified workers.
The Justice Ministry said the current visa program failed to meet the demand from foreign students seeking internships at Korean companies before graduation and the demand for foreign interns by domestic IT companies.
“This new visa program will give foreign students with capabilities an opportunity to work and live in this country, which will help secure qualified human resources,” the ministry said.
South Korean IT companies, particularly Samsung Electronics Co. and SK Hynix Inc., have called for policy efforts to attract talented workers amid a dire manpower shortage.
