SEOUL, June 28 (Korea Bizwire) — Several hundreds of people who have regional and school connections with construction tycoon Lee Joong-keun have been paid a surprise financial windfall of up to 100 million won (US$77,000) each without any conditions, some of the beneficiaries said Wednesday. Lee, the 82-year-old chairman of construction and real estate conglomerate [...]
SEOUL, Jan. 9 (Korea Bizwire) — Rampant inflation that has caused a spike in consumer prices is affecting the size of “congratulatory money on wedding,” cash gifts given at wedding ceremonies, causing frustration among young people, those who are fresh out of college of late. As “paying 50,000 won (US$40.10) for just being present, or [...]
SEOUL, Aug. 27 (Korea Bizwire) — An increasing number of South Koreans are using mobile wiring services to send cash gifts as the second wave of the coronavirus is preventing South Koreans from holding wedding ceremonies and other events offline. KakaoPay, a mobile payment service integrated with KakaoTalk, South Korea’s No. 1 messenger app, reported [...]
SEJONG, June 12 (Korea Bizwire) — South Koreans are cutting back on their cash gifts and donations as the economy remains sluggish, government data showed Friday. According to the data by Statistics Korea, transfer spending that includes cash given as wedding and condolence gifts fell in the first quarter after backtracking in the October-December period. [...]