SEOUL, June 28 (Korea Bizwire) — Finance Minister Choo Kyung-ho asked companies Tuesday to refrain from excessively raising wages for employees as the move could further accelerate inflation. Choo made the request during a meeting with members of the Korea Enterprises Federation (KEF), including Sohn Kyung-shik, federation chief and CJ Group chairman, and Rhee In-yong, [...]
SEOUL, April 29 (Korea Bizwire) — Samsung Electronics Co.’s management and its workers agreed to an average 9 percent pay raise in wages for the year, sources said Friday, ending 11 rounds of negotiations since February. The world’s largest memory chip and smartphone maker reached an agreement with representatives of its employees over wages and [...]
SEOUL, April 13 (Korea Bizwire) — Hyundai Motor Co. has disclosed that it will temporarily suspend production at its Asan plant in South Chungcheong Province for two days on Monday to Tuesday due to difficulty in procuring automotive chips. Despite the production suspension, however, plant workers will still be paid their full wages, raising some [...]
SEOUL, Jan. 25 (Korea Bizwire) — Financially troubled SsangYong Motor Co. said Monday it will cut its employee wages in half in January and February as it struggles with mounting costs amid lackluster sales. In a recent message to employees, SsangYong Motor President and CEO Yea Byung-tae said the decision was part of “desperate measures” [...]
SEOUL, Jan. 7 (Korea Bizwire) — A subsidiary of Paris Baguette, a leading bakery franchise, is once again under fire for failing to pay the proper amount to bakers by manipulating working hours. The company faced similar accusations in 2017 when one of its partner firms withheld from paying out 9 billion won (US$8.2 million) [...]
SEOUL, Feb. 21 (Korea Bizwire) — While it takes an average of 10 years for workers at a large company to reach a salary of 70 million won (US$58,150) per year, it has been confirmed that employees of small and mid-sized companies have to work for more than 25 years to reach a similar salary [...]
SEOUL, Oct. 16 (Korea Bizwire) — The chief executive of GM Korea Co. said on Wednesday increased labor costs would hurt the carmaker’s profitability and competitiveness amid stalled wage negotiations with its trade union. Kaher Kazem, GM Korea president and chief executive, held an emergency meeting with executives at the carmaker’s main plant near Seoul. [...]
SEOUL, Sept. 19 (Korea Bizwire) — The average wage of foreign workers employed at industrial sites in Busan exceeded the average first-time employment wage of college graduates in South Korea. The monthly wage per foreign worker came to 2.46 million won (US$2,060), according to a survey of 150 local manufacturers that employed foreign workers by [...]
SEOUL, Dec. 12 (Korea Bizwire) – Language instructors from multicultural backgrounds working at schools in Seoul are calling for improved working conditions and better job stability. Since 2009, Seoul has been hiring 80 language instructors from multicultural backgrounds on yearly contracts to provide support to multicultural children at schools, sending them to some 80 kindergartens, elementary and [...]
SEOUL, Jul. 30 (Korea Bizwire) — The average annual wage for a bank employee working at South Korea’s top four lenders is nearing the 100 million won (US$89,700) mark, market data showed Sunday. Assessment of quarterly reports by KB Kookmin Bank, Shinhan Bank, Woori Bank and KEB Hana Bank showed that in the first three [...]