productivity Archives | Be Korea-savvy
Minimum Wage Hike Improves Productivity in Manufacturing Sector

Minimum Wage Hike Improves Productivity in Manufacturing Sector

SEOUL, Dec. 14 (Korea Bizwire) — An increase in the minimum wage has helped improve productivity at South Korean manufacturing firms in general, but its impact varied by sector and size of business, a report said Friday. South Korea’s minimum wage has gradually increased since the government first implemented the policy in 1988. Between 2011-2016, [...]

Increase in Permanent Workers Drives Up Productivity: Report

Increase in Permanent Workers Drives Up Productivity: Report

SEOUL, Dec. 3 (Korea Bizwire) — An increase in the percentage of full-time workers drives up labor productivity to some extent, a report said Monday. “Under the same conditions of labor costs, a 1 percentage point increase in permanent workers and a 1 percentage point decrease in temporary workers will bring about a 0.23-0.56 percentage [...]

Business Community Concerned About Rising Costs over Reduced Working Hours

Business Community Concerned About Rising Costs over Reduced Working Hours

SEOUL, Feb. 27 (Korea Bizwire) — South Korea’s business community on Tuesday expressed concern about additional costs stemming from a looming reduction in a weekly working hours. The move came after the National Assembly’s environment and labor committee passed a bill aimed at shortening maximum statutory working hours to 52 hours a week from the [...]

Shorter Work Hours Linked to Better Productivity, Report Says

Shorter Work Hours Linked to Better Productivity, Report Says

SEJONG, Nov. 2 (Korea Bizwire) – A new report by a government-backed policy institute has claimed that the introduction of the 40-hour work week has led to a 1.5 percent rise in productivity. The report, published by researchers Park Yun-soo and Park Woo-ram at the Korea Development Institute on Wednesday, showed fewer working hours are linked [...]

South Korean Manufacturers Seek Cheap Labor, but Lack Productivity

South Korean Manufacturers Seek Cheap Labor, but Lack Productivity

SEOUL, April 4 (Korea Bizwire) – Recent data from the Korea Trade-Investment Promotion Agency (Kotra) reveals that 82 percent of local manufacturers are prioritizing seeking cheaper labor outside of the country, ultimately undermining their productivity.  Based on the business performance of 1,474 South Korean manufacturers with overseas plants, 12.6 percent fell within Kotra’s “high-cost, high-productivity” [...]

Why South Koreans Can’t Seem to Stop Working Long Hours

Why South Koreans Can’t Seem to Stop Working Long Hours

SEOUL, March 31 (Korea Bizwire) – South Korea’s recent attempt to shorten what are some of the longest working hours in the world was thwarted after branches of government dealing with workers’ rights failed to come to an agreement. The disappointing outcome to postpone the much anticipated decision until after the presidential election in May follows [...]

“Wageless growth” Most Prominent in Korea among All OECD Members

“Wageless growth” Most Prominent in Korea among All OECD Members

SEOUL, Korea, April 30, 2014 (Korea Bizwire) – A study shows that “wageless growth,” which is an economic phenomenon in which real wage goes down while labor productivity is increased, was most prominent in Korea among major developed economies.  According to a research report published by the Korea Institute of Finance “International Comparison on Wageless [...]