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Low-income Tier Spends Half of Disposable Income on Food amid Soaring Consumer Prices

Low-income Tier Spends Half of Disposable Income on Food amid Soaring Consumer Prices

SEOUL, Nov. 22 (Korea Bizwire) — The lower income tier spent more than half of its disposable income on food in the third quarter of this year, with consumers directly exposed to surging prices, the statistics agency said Monday. Statistics Korea’s Household Income and Expenditure Survey showed that households located in the lower 20 percent [...]

Negative Impacts of Natural Disasters Worse Among Low-income Tier: Study

Negative Impacts of Natural Disasters Worse Among Low-income Tier: Study

SEOUL, Aug. 15 (Korea Bizwire) — The recent torrential rain that hit South Korea’s central region was responsible for the deaths of several people among society’s more vulnerable groups, and the socially vulnerable bear larger and more extensive mental damage, a study showed Sunday. Lee Yoo-bin from the Seoul National University Graduate School of Public [...]

Insurance Planners Suffer Decline in Income Due to Pandemic

Insurance Planners Suffer Decline in Income Due to Pandemic

SEOUL, Aug. 9 (Korea Bizwire) — The monthly income of life and non-life insurance planners has declined due to the worsening of the sales environment and the deterioration of channel competitiveness caused by the COVID-19 pandemic, a research institute said. According to the latest report published by the Korea Insurance Research Institute, the average monthly [...]

Low-income Groups Bear Higher Inflation Burden than High-income Class in COVID-19 Era

Low-income Groups Bear Higher Inflation Burden than High-income Class in COVID-19 Era

SEOUL, March 23 (Korea Bizwire) — Those in low-income groups are bearing a relatively higher inflation burden than those with higher incomes in the era of the COVID-19 pandemic, a local research institute said. The Korea Economic Research Institute (KERI) analyzed the change in prices felt by consumers for the periods of 2018-2019 and 2020-2021. [...]

Singers and Actors Saw Income Drop, Athletes Enjoyed Higher Income in 1st Year of COVID-19

Singers and Actors Saw Income Drop, Athletes Enjoyed Higher Income in 1st Year of COVID-19

SEJONG, March 2 (Korea Bizwire) — The average income of singers and actors declined but that of athletes increased in 2020 in the wake of the coronavirus pandemic, data showed Tuesday. The combined income of the nation’s 8,068 singers who reported business income in 2020 totaled 261.7 billion won (US$217 million), with an average per-capita [...]