SEOUL, Dec. 26 (Korea Bizwire) — Amid the controversy over the revision of the minimum wage act, which includes a weekday off, South Korean companies are facing a complicated wage system. At the same time, South Korean companies have shown greater flexibility with wage increases than in Japan, meaning wages will naturally increase as service [...]
SEOUL, Dec. 10 (Korea Bizwire) — The wage gap between workers in large companies and small and medium-sized enterprises (SMEs) widened in 2014 amid a deepening polarization of the labor market, a report said Monday. According to the report published by the Bank of Korea (BOK), large businesses — those with 300 or more workers [...]
(Image: Yonhap) SEOUL, Sept. 12 (Korea Bizwire) – The wage gap between university graduates and high school graduates in South Korea has widened, surpassing the OECD average. The country’s dwindling birth rate is mirrored in the reduced student-to-teacher ratio, but it is still above the OECD average. The Ministry of Education (MOE) and Korean Educational Development [...]
SEOUL, Aug. 20 (Korea Bizwire) — The income gap between wage earners in the top 10 percent and the bottom 10 percent was more than fourfold in South Korea last year. The income gap of South Korean workers was the highest of all Organisation for Economic Co-operation and Development (OECD) member states, with the gap [...]
SEOUL, Apr. 30 (Korea Bizwire) — The wage gap between regular and irregular workers in South Korea is widening despite an overall increase wages, new government data has revealed. According to data revealed by the Ministry of Employment and Labor on Sunday, irregular workers earned 44.8 percent of what regular workers earned every month in 2017. [...]
SEOUL, Feb. 19 (Korea Bizwire) — Middle-aged South Korean men are much better off financially than women, with many women seeing their finances affected significantly by pregnancy and marriage, a new study has revealed. South Korean women in their 40s own 13.73 million won in financial assets on average, nearly half of what men in the [...]
SEOUL, May 26 (Korea Bizwire) – A new report says the South Korea capital of Seoul has much worse income inequality than any other place in the country, with one in eight adolescents doing literally nothing. According to the 2015 report on Seoul’s social welfare by the Seoul Institute released yesterday, the top 10 percent in [...]
SEOUL, May 10 (Korea Bizwire) – A new report from the Korea Labor Institute (KLI) has revealed that around four in ten South Korean independent business owners and salaried workers earn less than 10 million won ($8,820) per year, well below the average annual income. Of nearly 26 million income earners in 2015, 38.4 percent made [...]
SEOUL, April 19 (Korea Bizwire) – Some South Korean liberal groups are calling for the redistribution of wealth accumulated by Korea’s top 30 companies, citing the growing gap between the rich and poor that is devastating the middle class. At a protest held yesterday, liberal activists from groups like Korean Confederation of Trade Unions and [...]
SEOUL, March 2 (Korea Bizwire) – The wage gap between South Korea’s small and medium enterprises (SMEs) and conglomerates expanded on-year in 2015, data showed Tuesday, reflecting the growing imbalance in compensation among salaried workers. According to the data compiled by the Ministry of Employment and Labor and Statistics Korea, employees at smaller companies only made 62 percent of [...]