SEOUL, May 10 (Korea Bizwire) — More than 15 percent of households in South Korea are unable to balance their budget, a local think tank said. According to the last year’s study on household finance and welfare conducted by the Korea Institute of Finance, 17.2 percent (3.54 million) of the 20.52 million households in the [...]
SEOUL, March 30 (Korea Bizwire) — Rice farmers in South Korea posted the largest net profit in 20 years in 2021 thanks mainly to favorable weather conditions, data showed Wednesday. Rice farmers’ net income reached some 502,000 won (US$414.2) per 1,000-square-meter paddy last year, up 13.4 percent from a year earlier, according to the data [...]
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. [...]
SEOUL, March 22 (Korea Bizwire) — Almost 75 percent of people in the top 1 percent of the earned income tier work at companies located in greater Seoul area, indicating severe inequality between regions in terms of job quality, data showed Monday. Rep. Kim Hoi-jae of the Democratic Party received reports from the National Tax [...]
SEOUL, March 15 (Korea Bizwire) — Debt among the “MZ generation,” a Korean term referring to those aged between late 10s and 30s, widened at a faster rate than income compared with 20 years ago, a central bank report showed Tuesday. The “MZ generation” refers to a pairing of two groups — millennials born between [...]
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 [...]
SEOUL, Feb. 28 (Korea Bizwire) — About half of young South Korean workers were not satisfied with their income level, a survey showed Sunday. The National Youth Policy Institute conducted a survey of 4,141 South Koreans between 19 and 34 years of age, and found that the annual income of the respondents averaged 22.23 million [...]
SEOUL, Feb. 24 (Korea Bizwire) — South Korean household income rose for the second quarter in a row in the fourth quarter of last year thanks to an economic recovery amid eased antivirus curbs, data showed Thursday. The average household earned 4.64 million won (US$3,876) per month in the October-December period, up 6.4 percent from [...]
SEOUL, Feb. 21 (Korea Bizwire) — The average monthly salary of wage earners rose 3.6 percent on-year in 2020 from a year earlier despite the COVID-19 pandemic, a government report showed Monday. South Korean wage workers earned a monthly average of 3.2 million won (US$2,669) in December 2020, up from 3.09 million won a year [...]
SEOUL, Feb. 8 (Korea Bizwire) — Earned income taxes and social insurance contributions that are withheld at source rose faster than worker wages during the period from 2016 to 2021, a research institute said. According to an analysis of data from the Ministry of Employment and Labor by the Korea Economic Research Institute (KERI), the [...]