SEOUL, March 13 (Korea Bizwire) — The global downturn in the chip industry is cooling down the temporary labor market around Samsung Electronics Co.’s semiconductor campus in Pyeongtaek, 65 kilometers south of Seoul, which is now under construction.
The population of Pyeongtaek stood at 573,987 last year, rising by 27.5 percent over seven years from 450,532 in 2015 when Samsung opened production facilities in the city.
Construction jobs at Pyeongtaek campus were popular in the temporary labor market since even beginners can earn a monthly income of 4-5 million won (US$3,050-3,810).
However, as the competition for jobs intensified due to the economic slump, the daily wage rate recently nosedived to between 130,000-140,000 won after peaking at between 160,000-170,000 won last year.
Among the construction companies involved in the construction of the Pyeongtaek campus, there are rumors that the schedule of the P4 fab construction could be delayed by three or four months depending on the type of work.
Against this backdrop, the market prices of nearby studio apartments and officetels are declining since those who failed to find jobs there left for other areas.
The monthly rent for two-room apartments slipped to about 1.4 million won from between 1.7-1.8 million won.
Kevin Lee (firstname.lastname@example.org)