What is 'degree creep' in education?

This refers to the increase in the number of degrees required to land a job over time. Jobs that required candidates to hold a Bachelor’s degree some years ago, for instance, might now require a Master’s degree. It is believed that degree creep is the result of an increase in the number of candidates competing for a limited number of jobs. The reduction in the cost of education due to an increase in subsidies offered by governments is also seen as a reason to get more educated.

Source: The Hindu, 12/11/2018