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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 [...]

Gov’t Urges Seoul to Adopt Performance-Based Wage System

Gov’t Urges Seoul to Adopt Performance-Based Wage System

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 [...]

Small Company Workers Paid Only 60 Percent in Monthly Wages Compared to Bigger Firms

Small Company Workers Paid Only 60 Percent in Monthly Wages Compared to Bigger Firms

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 [...]

Koreans Work Longer, Earn Less than OECD Counterparts

Koreans Work Longer, Earn Less than OECD Counterparts

SEOUL, Aug. 16 (Korea Bizwire) – A recent OECD report revealed that South Koreans work an average of 2,112 hours per year, ranking second after Mexico (2,246 hours) among the 33 OECD member nations (data for Turkey non-inclusive), whereas Korea’s average yearly wage (purchasing power parity) ranked 22nd at $33,110.  In the 2016 OECD Employment [...]