salary Archives | Page 2 of 3 | Be Korea-savvy
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 [...]

Banks’ Decision on Merit Pay System Faces Strong Resistance

Banks’ Decision on Merit Pay System Faces Strong Resistance

SEOUL, Dec. 13 (Korea Bizwire) – The board of directors at seven major commercial banks decided Monday to implement a performance-based pay system – a controversial wage system introduced under the troubled Park Geun-hye administration.  The seven institutions are Woori Bank, Shinhan Bank, KB KookminBank, KEB Hana Bank, SC Cheil Bank, and Citibank.  Officials have [...]

Wages for Hyundai’s U.S. Employees Trail Korean Counterparts

Wages for Hyundai’s U.S. Employees Trail Korean Counterparts

SEOUL, Nov. 8 (Korea Bizwire) – The domestic wage deal between Hyundai Motor Company and its labor union has been settled for the time being, but the burden of personnel expenses continue to stranglehold the automaker, even in its overseas operations.  According to Hyundai and U.S. media reports, production workers at Hyundai Motor Manufacturing Alabama [...]

Hyundai Motor Group Executives to Take 10 Pct Paycut to Tide over Crisis

Hyundai Motor Group Executives to Take 10 Pct Paycut to Tide over Crisis

SEOUL, Oct. 25 (Korea Bizwire) – South Korea’s leading automaking group Hyundai Motor Group said Tuesday that executives of its 51 affiliates will have their salaries cut by 10 percent starting this month as part of efforts to tide over worsening business conditions at home and abroad.  “Executives of the group’s affiliates are moving to [...]

Gov’t Urges Seoul to Adopt Performance-Based Wage System

Gov’t Urges Seoul to Adopt Performance-Based Wage System

SEOUL, Sept. 30 (Korea Bizwire) – The South Korean government on Friday urged Seoul city to adopt a performance-based wage system for the organizations under it, adding the change is necessary to make public bodies more competitive.  The Ministry of the Interior, as well as finance and labor ministries, made a joint statement urging the [...]

Small Company Workers Paid Only 60 Percent in Monthly Wages Compared to Bigger Firms

Small Company Workers Paid Only 60 Percent in Monthly Wages Compared to Bigger Firms

SEOUL, Sept. 29 (Korea Bizwire) – Workers at small and medium-sized companies on average were paid only 60 percent of the salary that people at bigger conglomerates got in 2015, a gap that has stayed about the same for the fifth year, records showed on Thursday.  Statistics provided by the Small and Medium Business Administration [...]