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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 [...]

Wage Gap Between SMEs, Conglomerates Widens in 2015

Wage Gap Between SMEs, Conglomerates Widens in 2015

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 [...]