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 $104,000). Hospitalists are doctors who manage and look after hospitalized patients, and work [...]
SEJONG, May 1 (Korea Bizwire) — According to Statistics Korea, 49.5 percent of the 18,945,000 paid workers in Korea earned less than 2 million won (US$ 1,862) per month in 2014, while 12.3 percent earn more than 4 million won (US$ 3,724). Specialized and scientific workers, and financiers and insurance workers were the most likely [...]
DAEJEON, Apr. 22 (Korea Bizwire) — The SNS sphere is roiling with anger at a restaurant owner who gave an ex-employee back pay in five big bags of 10 won coins. According to an April 21 statement from the Daejeon agency of the Ministry of Employment and Labor (MOEL), the restaurant owner in Chungcheongnam-do appeared [...]
SEOUL, Feb. 26 (Korea Bizwire) – South Korea’s top tech firm Samsung Electronics Co. said Thursday it has decided to freeze pay for its employees for 2015, as the world’s No.1 handset maker struggles to bounce back from a slump in its mainstay mobile business that ate into overall profits. A Samsung official earlier told [...]