wage Archives | Be Korea-savvy
South Korean Banks Boost Employee Pay Even as Branches Close

South Korean Banks Boost Employee Pay Even as Branches Close

SEOUL, Mar. 20 (Korea Bizwire) – South Korea’s major commercial banks rewarded employees with significant pay raises last year, despite continuing a cost-cutting drive that saw further reductions in staffing levels and branch networks across the country, according to financial filings. An analysis by Yonhap News of the 2023 business reports disclosed by the nation’s four [...]

Wage Arrears in South Korea Hit Record High, Exceeding 1.7 Trillion Won

Wage Arrears in South Korea Hit Record High, Exceeding 1.7 Trillion Won

SEOUL, Jan. 26 (Korea Bizwire) — South Korea has recorded its highest ever wage arrears, surpassing 1.7 trillion won last year, marking a significant increase from the previous year. According to a statement from the Ministry of Employment and Labor, the total amount of unpaid wages in the past year amounted to 1.78 trillion won. This [...]

Finance Chief Calls for Corporate Restraints on ‘Excessive’ Wage Increase amid Inflation Woes

Finance Chief Calls for Corporate Restraints on ‘Excessive’ Wage Increase amid Inflation Woes

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, [...]

Hyundai to Suspend Production at Plant Without Cutting Employee Wages

Hyundai to Suspend Production at Plant Without Cutting Employee Wages

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 [...]