It's been a year since Seoul media and communications student Lee Woong-hee finished his studies, but the 26-year-old plans to skip his class graduation ceremony in February because he thinks retaining his student status will help him finally land a job.

He's not alone. Youth unemployment hit a 14-year high in South Korea in 2014, and with hiring sluggish amid a weak economy, especially for "good" jobs with permanent status, thousands of students due to graduate in early 2015 are expected to instead remain on campus.

"Job hunting gets harder every year. It was difficult this year (2014) and I fear it will get worse next year," said Lee, who should have graduated last February.