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230,000 South Korean Self-Employed Pay Higher Health Insurance Despite Lower Income

SEOUL, Sept. 30 (Korea Bizwire) – A recent analysis of South Korea’s health insurance system has revealed a significant disparity affecting many self-employed individuals. According to data from the National Health Insurance Service, approximately 230,000 self-employed business owners are paying health insurance premiums based on their highest-paid employees’ salaries, even when their own incomes are lower. [...]

Tax Data Exposes Worsening Income Crisis for South Korea’s Self-Employed

SEJONG, Sept. 23 (Korea Bizwire) – A stark revelation about the economic struggles of South Korea’s self-employed population has emerged from recent tax data, showing that nearly 75% of individual business owners reported monthly incomes below 1 million won in 2022. The figures, released by the National Tax Service and analyzed by Representative Park Sung-hoon of [...]

Number of Self-employed Shrinks in July for 6th Consecutive Month

SEOUL, Aug. 19 (Korea Bizwire) — The number of self-employed people in South Korea fell for the sixth consecutive month in July, data showed Monday, as the nation’s economy grapples with weaker consumption. There were 5.72 million self-employed people last month, down some 62,000 from the same month last year, according to the data by [...]

For South Korea’s Self-Employed, Child-Rearing Poses Daunting Financial Hurdles

SEJONG, Mar. 25 (Korea Bizwire) – In South Korea’s rapidly aging society, where the government has been scrambling to encourage childbirth through expanded parental leave benefits, a significant segment of the workforce finds itself left out: the self-employed. Park Chang-hyun, 34, works as a delivery rider in Gwangju. When he recently inquired about parental leave allowances [...]

Rapid Increase in Delinquent Loans Among Self-Employed, Especially in Younger Age Groups

SEOUL, Mar. 6 (Korea Bizwire) – The value of delinquent loans among self-employed individuals in South Korea has surged by nearly 50% in a year, with the delinquency rate of young self-employed individuals in their 20s and 30s increasing the fastest. This trend indicates that self-employed individuals are facing financial difficulties due to high interest rates [...]

South Korea Sees Record Number of Seniors Start Their Own Businesses

SEJONG, Feb. 16 (Korea Bizwire) – For the first time, the number of self-employed individuals over the age of 60 in South Korea has surpassed the two million mark. This significant milestone, primarily attributed to a sharp increase in seniors entering the transportation sector, including personal taxi and delivery services, reflects a broader trend of older [...]

Proportion of Self-employed Hits All-time Low in 2022 amid Pandemic

SEOUL, Jan. 16 (Korea Bizwire) — The proportion of self-employed people in South Korea touched a record low in 2022 in the wake of the prolonged coronavirus pandemic, data showed Monday. Asia’s fourth-largest economy had 5.63 million self-employed people as of end-December, accounting for 20.1 percent of the 28.09 million employed in the country, according [...]

Growing Number of Self-employed Adopt Startup Technologies

SEOUL, March 8 (Korea Bizwire) — An increasing number of self-employed people who lag behind in information capability compared to large businesses are adopting startup application services designed to help the operation of restaurants and stores. Dodo Cart, a restaurant inventory management app operated by local startup Spoqa, provides an analytical report on the details [...]

Ratio of Nonwage Workers Hits Record Low in 2021

SEOUL, Feb. 3 (Korea Bizwire) — The ratio of the self-employed and other nonwage workers in South Korea touched an all-time low in 2021 amid the coronavirus pandemic, government data showed Thursday. Asia’s fourth-largest economy had 6.52 million unsalaried workers as of the end of December last year, marking the 23rd consecutive year of decline, [...]

40 pct of Self-employed Consider Biz Closure amid Pandemic: Survey

SEOUL, Jan. 16 (Korea Bizwire) — Four out of 10 self-employed people in South Korea are considering closing their businesses due to sluggish sales amid the long-enforced strict social distancing rules during the coronavirus pandemic, a survey showed Sunday. According to the survey of 500 people operating restaurants, retail and other service businesses by the [...]