SEJONG, Dec. 17 (Korea Bizwire) — South Korea’s household income rose in 2018 from a year earlier, and the income gap between the haves and have-nots narrowed, as employment situations of the low-income bracket improved amid efforts to bridge the income gap, a government report showed Tuesday. The average household earned 58.28 million won (US$49,688) [...]
SEOUL, Oct. 31 (Korea Bizwire) — The income imbalance for singers and athletes is becoming serious. According to data submitted to Rep. Kim Doo-kwan from the National Tax Service, the annual total income of the top 28 earners, or one percent of the 2,758 who reported income as singers, was 136.5 billion won (US$117 million). [...]
SEOUL, Apr. 22 (Korea Bizwire) — A recent study has revealed that employees of large-sized companies in South Korea make three times as much as workers at small companies with fewer than four staff members, and that the income gap has widened over the last five years. In contrast, Japan has been making efforts to [...]
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 [...]
SEJONG, Feb. 21 (Korea Bizwire) — South Korea’s household income inequality hit a record high in the fourth quarter of 2018, government data showed Thursday. An average household earned 4.6 million won (US$4,000) per month in the October-December period, up 3.6 percent from the previous year, according to the data compiled by Statistics Korea. The [...]
SEJONG, Oct. 24 (Korea Bizwire) – Top 1 percent of South Korean taxpayers earned an average 4.45 billion won (US$3.87 million) in investment income in 2016, data showed Wednesday. Their average investment income was 18.3 times bigger than the average income from salaries of top 1 percent earners, according to the data by the National [...]
SEOUL, Aug. 24 (Korea Bizwire) — The nominal income of South Koreans belonging to the lower 40 percent of income earners in the second quarter of the year indicated the worst-ever drop recorded in the nation’s history when considering all previous second quarter data. Meanwhile, the nominal income belonging to the top 20 percent of [...]
SEJONG, March 6 (Korea Bizwire) — Young South Korean workers are avoiding small and medium-sized enterprises in fear of the long-term negative impact on their career and income, a new study has revealed. The report released by the Korea Development Institute (KDI) on Tuesday showed a worker’s first job has a significant impact on their career [...]
SEOUL, Nov. 27 (Korea Bizwire) — Korea’s effect of taxes and social spending on poverty reduction turned out smallest among Organization for Economic Cooperation and Development member nations. According to the 2014 Household Finance and Welfare Survey released on November 26, Korea’s poverty rate in 2013 was 18.9 percent in terms of market income and 16.4 percent in [...]
SEOUL, Oct. 7 (Korea Bizwire) — Almost nine out of ten Koreans believe the nation’s income gap is getting more serious, a survey said. To a question of whether income tax must be raised twofold, more than half of the respondents said no while two-thirds of the respondents answered in the affirmative to a question of whether [...]