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 [...]
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 [...]
SEOUL, June 1 (Korea Bizwire) – The number of public firms introducing the government-proposed wage system based on workers’ performance is growing at a faster rate than hoped for, despite growing labor opposition that might lead to legal battles. As of Tuesday, about 70 state-run firms and public organizations out of the total 120 that [...]
SEOUL, May 31 (Korea Bizwire) – Not many employees would say no to a time off work, but being forced to take unpaid vacation is a completely different story. Daewoo Shipbuilding & Marine Engineering (DSME), which is currently suffering from extreme debt and going through vigorous restructuring efforts, has recently decided to cut salaries and force [...]
SEJONG, May 24 (Korea Bizwire) – The government reiterated its position to adopt a performance-based salary system in state-run companies and institutions on a wider scale by the end of this year, a finance ministry official said Monday, as part of its efforts to reform the public sector. The government has pushed forward with the [...]
SEOUL, March 30 (Korea Bizwire) – Despite their high salaries, hospitals are having difficulties recruiting hospitalists (doctors who especially look after hospitalized patients). Data shows that the annual salary of hospitalists ranges between 100 million won and 120 million won ($87,000 to $104,000). Hospitalists are doctors who manage and look after hospitalized patients, and work [...]