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 [...]
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 [...]
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 [...]
SEOUL, Nov. 2 (Korea Bizwire) – Kia Motors Corp., South Korea’s No. 2 automaker, said Wednesday that it has reached a tentative wage deal with the labor union which will be put to a vote by unionized workers next week. Since late June, the automaker and its labor union have been negotiating the wage deal. [...]
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 [...]
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 [...]
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 $33,110. In the 2016 OECD Employment [...]
SEOUL, March 2 (Korea Bizwire) – The wage gap between South Korea’s small and medium enterprises (SMEs) and conglomerates expanded on-year in 2015, data showed Tuesday, reflecting the growing imbalance in compensation among salaried workers. According to the data compiled by the Ministry of Employment and Labor and Statistics Korea, employees at smaller companies only made 62 percent of [...]
JEONJU, Apr. 10 (Korea Bizwire) – A group of 70 cleaning workers from Jeonju University protested against the university’s decision to raise their hourly wage by no more than 90 won (US$ 0.08) and discontinue a free bus service, which has been operating for the past 20 years, on April 9 in front of the [...]