SEOUL, June 7 (Korea Bizwire) — Despite public perception that entertainers live comfortably above the economic fray, a new government survey suggests that income inequality and career instability are pervasive among South Korea’s cultural workers — particularly those in broadcasting, popular music, and comics. According to the Ministry of Culture, Sports and Tourism’s 2024 Artist Survey, [...]
SEOUL, April 23 (Korea Bizwire) — LG Innotek Co., an electronic component manufacturing unit of LG Group, said Wednesday its first-quarter net profit tumbled nearly 40 percent due to waning demand and intensifying competition. In a regulatory filing, the company reported a net income of 85.6 billion won (US$60.1 million) for the January-March period, down [...]
SEOUL, March 27 (Korea Bizwire) — While the compensation gap between top earners and average employees at major South Korean companies narrowed slightly last year, executives still earned more than 15 times their workers’ salaries, according to a new analysis by Leaders Index. The research firm’s study of 284 companies among Korea’s top 500 firms [...]
SEOUL, March 19 (Korea Bizwire) — The Ministry of Oceans and Fisheries (MOF) revealed on March 18 that individuals who transitioned to fishing communities earned an average monthly household income of 3.47 million won in their first year, according to its ’2024 Return-to-Fishing Survey.’ The survey, which included 236 first-year fishing migrants from 2023, found their [...]
SEOUL, March 7 (Korea Bizwire) — A new government survey has revealed the stark economic reality faced by artists in South Korea, with average annual earnings from artistic activities amounting to just 10.55 million won, highlighting the urgent need for more stable income structures in the arts sector. According to the “2024 Survey on Artists’ Status” [...]
SEOUL, March 3 (Korea Bizwire) — The financial burden of food expenses for South Korea’s lowest-income households has skyrocketed over the past five years, growing at a significantly faster rate than for higher-income groups. New data reveals that the bottom 20% of earners saw their monthly food expenditures rise by nearly 40%, far outpacing the [...]
SEOUL, Feb. 25 (Korea Bizwire) — Small business owners in South Korea saw their income drop more than 10 percent from a year earlier in 2024 amid sluggish consumer sentiment, a poll showed Tuesday. According to the survey conducted by Mono Research from January 20 to February 7 on 500 small business owners, the level [...]
SEJONG, Jan. 27 (Korea Bizwire) — The average South Korean worker received approximately 10.69 million won in bonuses last year, while the top 0.1% of earners collected bonuses exceeding 620 million won, highlighting significant income disparities in the workforce, according to new government data. Figures released by the National Tax Service and obtained by People Power [...]
SEOUL, Dec. 20 (Korea Bizwire) – South Korean workers reported an average annual income of 43.32 million won in 2023, an increase of more than 1 million won from the previous year, according to year-end tax settlement data. The number of high-income earners making over 100 million won annually reached 1.39 million, while 33% of workers [...]
SEJONG, Dec. 19 (Korea Bizwire) – Less than 20% of South Koreans moved up the income ladder in the past year, according to new data released by Statistics Korea on December 17, highlighting growing concerns about social mobility in the country. The comprehensive “Income Mobility Statistics 2017-2022″ report, which analyzed data from 11 million individuals, reveals [...]