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GM Korea Chief Says Wage Increase Will Hurt Competitiveness

GM Korea Chief Says Wage Increase Will Hurt Competitiveness

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. [...]

Average Foreign Worker Earns More than Local University Graduates

Average Foreign Worker Earns More than Local University Graduates

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 [...]

Multicultural Language Instructors in Seoul Push for Better Working Conditions

Multicultural Language Instructors in Seoul Push for Better Working Conditions

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 [...]

Average Wage at S. Korea’s Top 4 Banks Nearing 100 mln Won Mark

Average Wage at S. Korea’s Top 4 Banks Nearing 100 mln Won Mark

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 [...]

Korean Air Workers Allow Company to Decide Wage Increase in 2017

Korean Air Workers Allow Company to Decide Wage Increase in 2017

SEOUL, May 19 (Korea Bizwire) – Unionized workers at Korean Air Lines Co. will allow the company to decide on the wage increase for 2017 to better help the national flag carrier make a turnaround this year, the airline said Friday. “We have delegated authority to the company for this year’s wage negotiations not only for the company’s sustainable growth and survival but also for the job security of workers,” union leader Lee Jong-ho said in a [...]

Civil Servants’ Average Monthly Salary Tops 5 Million Won

Civil Servants’ Average Monthly Salary Tops 5 Million Won

SEOUL, April 25 (Korea Bizwire) – South Korean civil servants’ average pre-tax monthly salary has topped 5 million won (US$4,430) for the first time, the government said Tuesday.  According to data released by the Ministry of Personnel Management, about 955,000 civil servants ranging from the prime minister to the lowest-ranking grade nine officials are earning [...]

Majority of Businesses Adopt Wage Peak System After Retirement Age Extension: Data

Majority of Businesses Adopt Wage Peak System After Retirement Age Extension: Data

SEOUL, March 19 (Korea Bizwire) – Nearly 7 out of 10 companies with more than five employees have adopted a “wage peak” or incentive payment systems since the introduction of legislation to extend the retirement age to 60 in 2013, a survey showed Sunday.  The government has pursued the wage peak system in which employees [...]

1 out of 4 Employees in Financial Sector Earn More Than 100 Mln Won

1 out of 4 Employees in Financial Sector Earn More Than 100 Mln Won

SEOUL, Feb. 15 (Korea Bizwire) – One out of four employees in South Korea’s financial sector earned more than 100 million won (US$87,000) last year, a report showed Wednesday.  The report submitted to the Financial Services Commission by the Korea Institute of Finance said 24.8 percent of employees at 1,389 financial firms earned more than [...]

Wages for Hyundai’s U.S. Employees Trail Korean Counterparts

Wages for Hyundai’s U.S. Employees Trail Korean Counterparts

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 [...]