SEJONG, Sept. 26 (Korea Bizwire) —South Koreans earn the most at age 45 but begin running deficits by 61, as consumption outpaces income in later life, according to new government data that underscores the economic strains of an aging society. The National Statistics Office said Wednesday in its release of the 2023 National Transfer Accounts [...]
SEOUL, Sept. 25 (Korea Bizwire) — South Korea’s widening gap between retirement and pension eligibility is fueling structural imbalances in middle-aged employment, with Seoul turning to data-driven policymaking to address the challenge. According to a new survey of 10,000 job seekers and 450 companies released by the Seoul Metropolitan Government and the Seoul 50 Plus [...]
SEOUL, Sept. 22 (Korea Bizwire) — South Korea’s largest companies are showing a stronger preference for so-called “experienced freshmen,” or new hires with prior work experience, according to a survey released Sunday by the Korea Economic Research Institute (FKI). The survey, conducted among 121 of the country’s top 500 firms by revenue, found that 28.1 [...]
UIJEONGBU, South Korea, Sept. 19 (Korea Bizwire) – Migrant workers in South Korea without bank accounts will now be able to receive workplace injury compensation in cash, following a policy shift by the Ministry of Employment and Labor. The ministry adopted the change earlier this month after a recommendation from Gyeonggi Province, officials said Thursday. [...]
SEOUL, Sept. 17 (Korea Bizwire) — More than nine in 10 South Korean small and medium-sized enterprises (SMEs) employing foreign workers say they do so because it is nearly impossible to hire locals, according to a survey released Tuesday. The Korea Federation of SMEs said it polled 503 firms with more than 50 employees in [...]
SEOUL, Sept. 16 (Korea Bizwire) — Nearly one in six foreign graduates who stayed in South Korea after studying have faced workplace difficulties, including conflicts with Korean colleagues or wage disputes, according to a government-funded study released Sunday. The Korea Immigration Service Institute found that 16.4 percent of foreign residents who previously studied in Korea [...]
SEOUL, Sept. 12 (Korea Bizwire) — More than 300 South Korean workers detained in a sweeping U.S. immigration raid have been released a week after their arrest, bringing relief to families and easing fears that the dispute could further strain bilateral ties. On Thursday, buses carrying the workers left an Immigration and Customs Enforcement (ICE) [...]
SEOUL, Sept. 12 (Korea Bizwire) — South Korea’s corporate sector is bracing for a slowdown in U.S. investment following the detention of more than 300 Korean nationals in an immigration raid, a crisis that has already disrupted battery factory construction and cast doubt over high-profile bilateral projects. The most immediate impact has fallen on HL-GA, [...]
SEOUL, Sept. 10 (Korea Bizwire) — South Korea’s government announced on Tuesday a sweeping overhaul of its employment permit system for foreign workers, pledging to relax restrictions on workplace changes and extend residency periods for those holding E-9 visas. The reforms also aim to tighten sanctions on employers found guilty of labor rights violations. At [...]
SEOUL, Sept. 9 (Korea Bizwire) — Platform and special employment workers in South Korea, long excluded from basic labor protections, earn far below the legal minimum wage and face chronic job insecurity, according to a new government-backed study that is fueling calls for urgent reform. A report by the Korea Labor Institute estimated that about [...]