SEOUL, June 16 (Korea Bizwire) – The expanding proportion of seniors since the mid-1990s has exacerbated income inequality among households nationwide, the central bank said Thursday. South Korea’s Gini coefficient for market income gradually increased for older age groups until individuals reached their 50s, but it experienced a significant spike among individuals in their 60s [...]
SEOUL, Feb. 25 (Korea Bizwire) — The top 0.1 percent of wealthy individuals in South Korea earned nearly 70 times more than the median income earners in 2021, data showed Saturday. Statistics from the National Tax Service cited by Rep. Yang Kyung-sook of the opposition Democratic Party also showed the share of the total income [...]
SEOUL, Dec. 1 (Korea Bizwire) — The income gap between the haves and have-nots in South Korea widened in 2021 amid the prolonged COVID-19 pandemic, data showed Thursday. The distribution ratio for disposable income, a key barometer of income equality, reached 5.96 last year, up from 5.85 the previous year, according to data from Statistics [...]
SEOUL, Dec. 16 (Korea Bizwire) – The income gap between the haves and have-nots in South Korea narrowed in 2020 from a year earlier on the back of the government’s provision of emergency cash handouts amid the pandemic, data showed Thursday. The distribution ratio for disposable income, a key barometer of income equality, reached 5.85 [...]
SEOUL, Oct. 29 (Korea Bizwire) — Consumption inequality in South Korea worsened last year as the coronavirus pandemic undercut “discretionary” spending by lower-income earners due to toughened curbs on gatherings and business operation, a central bank report showed Friday. According to the report by the Bank of Korea, the consumption inequality index — a major [...]
SEOUL, Feb. 14 (Korea Bizwire) — More than half of South Koreans are in favor of raising taxes for high income earners to mitigate the polarization that has deepened during the pandemic, a poll showed Sunday. In the survey of 1,000 South Koreans aged 18 or older conducted last week, 57.4 percent of respondents agreed [...]
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 [...]