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Minimum Wage Hike a Net Positive for Low Income Earners: Study

Minimum Wage Hike a Net Positive for Low Income Earners: Study

SEOUL, Jul. 12 (Korea Bizwire) — A new study has found that among young South Koreans earning less than 2 million won per month, few experienced a salary decrease following the increase in the minimum wage. The activist group “Youth Community Union” announced the results today after surveying 255 individuals between 19 and 39 years [...]

Civil Servants’ Average Monthly Salary Tops 5 Million Won

Civil Servants’ Average Monthly Salary Tops 5 Million Won

SEOUL, April 25 (Korea Bizwire) – South Korean civil servants’ average pre-tax monthly salary has topped 5 million won (US$4,430) for the first time, the government said Tuesday.  According to data released by the Ministry of Personnel Management, about 955,000 civil servants ranging from the prime minister to the lowest-ranking grade nine officials are earning [...]

More Job Seekers Prioritize Work-Life Balance over Salary

More Job Seekers Prioritize Work-Life Balance over Salary

SEOUL, April 7 (Korea Bizwire) – A recent study by the YBM TOEIC Commission revealed that work-life balance is most sought after by young South Koreans, reflecting the country’s highly-demanding work environment.  According to the commission’s online survey of 3,294 college students and young job seekers, 43.6 percent (1,435) of the participants said “life that [...]

Majority of Businesses Adopt Wage Peak System After Retirement Age Extension: Data

Majority of Businesses Adopt Wage Peak System After Retirement Age Extension: Data

SEOUL, March 19 (Korea Bizwire) – Nearly 7 out of 10 companies with more than five employees have adopted a “wage peak” or incentive payment systems since the introduction of legislation to extend the retirement age to 60 in 2013, a survey showed Sunday.  The government has pursued the wage peak system in which employees [...]

1 out of 4 Employees in Financial Sector Earn More Than 100 Mln Won

1 out of 4 Employees in Financial Sector Earn More Than 100 Mln Won

SEOUL, Feb. 15 (Korea Bizwire) – One out of four employees in South Korea’s financial sector earned more than 100 million won (US$87,000) last year, a report showed Wednesday.  The report submitted to the Financial Services Commission by the Korea Institute of Finance said 24.8 percent of employees at 1,389 financial firms earned more than [...]