The purpose of this study was to provide the practical policy suggestions for the re-vitalization of vocational education and training at the higher level of education. For the purpose, data from 『'97 Earning Structure Basic Statistics Survey Report』was re-analyzed with such variables as educational level, gender, individual who have or not a qualification, and the kinds of qualification. Jacob Mincer earnings function was used to explain and predict the differences between groups on the suggested variables by estimating the rate of return to investment in education.
The empirical estimation of the rate of return to investment in education was concluded that adults with higher levels of education (Bachelor's degree : 15.8%) were more likely to have a high wages in the labor market than those with less education (High school graduate : 8.6%, Associate degree:11.7%). For the rate of return to investment by education level for those who have a qualification, 13.8 percent was shown to adults with a bachelor's degree, compared with 10.3 percent of persons with associate degree, and 7.4 percent of persons with high school graduate. In contrast, for those who have a non-qualification, 14.9 percent was shown to adults with a bachelor's degree compared with 10.7 percent of persons with associate degree, and 7.4 percent of persons with high school graduate. ...