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 [...]
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 [...]
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 [...]
SEOUL, April 5 (Korea Bizwire) – Women working at South Korea’s top 10 conglomerates are getting paid about 62 percent of what men are getting in yearly salary, even less than half at some companies, according to a corporate tracker Wednesday. An analysis by Chaebul.com, which follows details of the leading business groups, showed that [...]