Usually means: Working below skill level, capacity.
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We found 13 dictionaries that define the word underemployment:

General (10 matching dictionaries)
  1. underemployment: Merriam-Webster
  2. underemployment: Oxford Learner's Dictionaries
  3. underemployment: Collins English Dictionary
  4. Underemployment, underemployment: Wordnik
  5. underemployment: Wiktionary
  6. underemployment: Dictionary.com
  7. Underemployment: Wikipedia, the Free Encyclopedia
  8. underemployment: TheFreeDictionary.com

Business (3 matching dictionaries)
  1. INVESTORWORDS (No longer online)
  2. Underemployment: Investopedia
  3. Accounting, Business Studies and Economics Dictionary (No longer online)

Definitions from Wiktionary (underemployment)

noun:  The condition of being underemployed.

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