SEOUL, Mar. 11 (Korea Bizwire) — The polarization of the South Korean economy has been accelerating ever since the country was stricken by the so-called IMF Crisis in 1997, which led to the introduction of neoliberal policies. The income gap among households has further widened over the last 20 years and is now ranked as [...]
SEOUL, June 7 (Korea Bizwire) – The ratio of the middle class in South Korea fell slightly last year amid growing income disparity, the finance ministry said Tuesday. The ratio of the middle class stood at 65.7 percent in 2016, down from 67.4 percent a year earlier, according to the ministry. South Korea defines the middle [...]
SEOUL, Nov. 8 (Korea Bizwire) — A study said Korea’s income redistribution effect through taxation is lowest among the Organization for Economic Cooperation and Development member nations. According to a report “Implications for Taxes’ Income Redistribution Effect” published by the National Assembly Research Service on November 7, the ratio of income redistribution improvement through policy measures such as [...]
SEOUL, June 17 (Korea Bizwire) – The income of average Koreans has doubled for the past 20 or so years but the degree of income inequality has increased further for the same period. According to the National Statistical Office and the Korea Customs Service on June 15, the monthly real income of Korea’s urban households rose 85.4 [...]