SEOUL, Nov. 22 (Korea Bizwire) – During Monday’s symposium celebrating Korea’s 20th anniversary of joining the OECD, experts pointed out that Korea has still a long way to go as a developed country, as reflected in the current political crisis. “The Korean government urges corporations to make financial donations every time a new president assumes [...]
SEOUL, Nov. 14 (Korea Bizwire) – South Korea’s highest income tax rate for high-income earners is already higher than the average of OECD states, a report said Monday, opposing a move by opposition lawmakers to further raise the rate for the highest income earners. The report from the Korea Economic Research Institute (KERI) noted the [...]
SEOUL, Oct. 31 (Korea Bizwire) – Government expenditures on welfare are increasing year after year, but a recent report showed that Korea still falls far behind its OECD counterparts. According to the OECD’s October update to its Social Expenditure Database, Korea’s social spending was marked at 10.4 percent of its GDP, ranking 34th among 35 [...]
SEJONG, Sept. 19 (Korea Bizwire) – The size of South Korea’s underground economy is equivalent to 10 percent of the nation’s gross domestic product, while tax evasion amounts to 3.7 percent, much higher than they are in other advanced countries, a research paper said Monday. Professor Kim Jong-hee of Chonbuk National University, drawing his conclusions [...]
SEOUL, Sept. 12 (Korea Bizwire) – A recent study by the Korea Labor Institute (KLI) revealed that Korea suffers among the highest levels of income inequality for its senior citizens (amongst OECD member nations), with four in 10 elderly laborers struggling with below-minimum-income wages. In the KLI report “Changes in Employment of the Elderly and [...]
SEOUL, Aug. 16 (Korea Bizwire) – A recent OECD report revealed that South Koreans work an average of 2,112 hours per year, ranking second after Mexico (2,246 hours) among the 33 OECD member nations (data for Turkey non-inclusive), whereas Korea’s average yearly wage (purchasing power parity) ranked 22nd at $33,110. In the 2016 OECD Employment [...]
SEOUL, July 25 (Korea Bizwire) – Korea scored 0.2 out of 10 in the ‘Social Relations (Social Support Network)’ category in a recent analysis of the 2015 OECD Social Integration Index. Social Relations is an index that shows the level of mutual support between the members of a society, and is derived by calculating the [...]
PARIS, June 10 (Korea Bizwire) – The Organisation for Economic Co-operation and Development (OECD) has issued a warning about the increasing severity of air pollution in Korea, while urging the government to take rapid action. It also anticipated in a recent report that at the current rate, by 2060 Korea will suffer from the highest [...]
SEOUL, May 3 (Korea Bizwire) – Korean children and adolescents scored the lowest in their self-reported sense of happiness as measured by the ‘Better Life’ index from the Organization for Economic Cooperation and Development (OECD). On May 2, Professor Yoo Shik Yum’s society improvement research laboratory at Yonsei University presented a report titled “2016 8th [...]
SEJONG, April 15 (Korea Bizwire) – South Koreans’ meat consumption has increased a large extent for the past few decades but still lags far behind the average intake of other advanced countries, a government report showed Friday. According to the report from the Ministry of Agriculture, Food and Rural Affairs, the country’s annual per-capita consumption [...]