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 [...]
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 [...]
SEOUL, April 5 (Korea Bizwire) – Women working at South Korea’s top 10 conglomerates are getting paid about 62 percent of what men are getting in yearly salary, even less than half at some companies, according to a corporate tracker Wednesday. An analysis by Chaebul.com, which follows details of the leading business groups, showed that [...]
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 [...]
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 [...]
SEOUL, Dec. 28 (Korea Bizwire) – The number of wage earners who make more than 100 million won (US$82,860) a year rose sharply from a year earlier in 2015, nearing 600,000 and accounting for 3.4 percent of all income earners, the tax office said Wednesday. In its annual report, the National Tax Service said the [...]
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 [...]
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 [...]
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 [...]
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 [...]