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Middle-aged S. Koreans Tighten Purse Strings over Fears of Unstable ‘Silver’ Years

Middle-aged S. Koreans Tighten Purse Strings over Fears of Unstable ‘Silver’ Years

SEOUL, Feb. 25 (Korea Bizwire) — A recent study has found that South Koreans in their 50s and older have cut spending due to anxiety over their income in their retirement years, contributing to the overall decline in the country’s propensity to consume. In a report released Monday, the Bank of Korea (BOK) analyzed the [...]

Average Monthly Wage of N. Korean Defectors Hits Record High of 2 mln Won

Average Monthly Wage of N. Korean Defectors Hits Record High of 2 mln Won

SEOUL, Feb. 18 (Korea Bizwire) — The average monthly wage of North Korean defectors living in South Korea exceeded 2 million won (US$1,684) for the first time last year, the unification ministry said Tuesday. Defectors earned 2.04 million won (US$1,720) per month on average in 2019, compared with 1.89 million won in 2018, according to [...]

Self-perception About Health Differs by Income Level

Self-perception About Health Differs by Income Level

SEOUL, Jan. 22 (Korea Bizwire) — South Koreans differ on self-perception about health depending on the amount of income they receive, a recent study revealed. The Ministry of Health and Welfare conducted a survey of 13,000 members of 6,000 households over 15 years of age, 53.9 percent of whom regarded themselves as ‘healthy’. Only 30.9 [...]

Married Low Income Earners Have Lower Life Expectancy

Married Low Income Earners Have Lower Life Expectancy

SEOUL, Jul. 23 (Korea Bizwire) — A person’s outlook on his or her own life expectancy is gloomier for those who are married or low income earners. A research team from Seoul National University Hospital revealed on Monday the results of a survey of 1,005 participants conducted between August and September 2016. The team collected [...]

52-hour Workweek Cuts into Workers’ Income and Overtime Hours: Report

52-hour Workweek Cuts into Workers’ Income and Overtime Hours: Report

SEOUL, Apr. 12 (Korea Bizwire) — South Korean workers affected by the mandatory 52-hour workweek have suffered an income reduction of about 44,000 won (US$39) per month, a government report said Friday. According to the report by the state-run Korea Labor Institute, the number of overtime hours worked by employees of companies subject to the [...]