•The key findings of our secondary quantitative analysis, revealed a strong correlation between educational level (especially related to medium-skilled young people) and precarious employment, which in its turn is associated with social vulnerability.•The qualitative research shows, that there is a clear tendency of general questioning of the education system and the entire educational mechanism by young people in relation to the degree matching the acquired (from the educational system) knowledge, skills and competences with the needs of the labor market and their adequacy and contribution to finding a job.•This skills mismatch is considered by young people to contribute to the reproduction of inequalities and to the intensity of the social vulnerability of the less socio-economically privileged.•A reshaped framework of labor market integration parameters is rising among youth, prioritizing the "degree of despair", work experience and informal social capital (in the form of acquaintances and networks).•The emerging, expanded and (often) forced, newly built work "normality" (with the frequent violation of the labour rights of precariously working young people) seems to lead to a reconstruction of "work ethics", with (irregular) labour norms prevailing. Employability is undoubtedly critical for life chances, while is affected by the Economic Cries. During the last decade as well as in the begging of the new one, both the field of labour market and the working conditions have greatly affected by the impact of the back-to-back Crises, including the 2008 Economic Crisis and the ongoing Covid-19 pandemic. The abovementioned jointly with the mega-trend towards the digital economy have resulted in major modifications in the labour market, causing (among others), the gradual expansion of precarious work. The present paper deals with the association among the educational capital, the precarious work and the social vulnerability, among Youth. Based on both secondary quantitative-data analysis and primary qualitative research, the paper briefly analyses the relevant state-of-play in the EU, while it focuses on the Greek case. Issues related to the correlation between educational capital/ level and precarious work, the reproduction of socio-economic inequalities via education, the role of skills mismatch in the employment status and prospects, the parameters and characteristics of precarious employment and its impact to young people’ life course and life chances (including social vulnerability and in-work poverty risk), are raised, among others.