SEOUL, Aug. 24 (Korea Bizwire) — South Korea’s household income fell 0.8 percent on-year in the second quarter of 2023 due to the drop in COVID-19-related subsidies and other state support, and the narrowed income gap between the haves and have-nots, data showed Thursday. The country’s households earned an average of 4.79 million won (US$3,613) [...]
SEOUL, Feb. 8 (Korea Bizwire) — Earned income taxes and social insurance contributions that are withheld at source rose faster than worker wages during the period from 2016 to 2021, a research institute said. According to an analysis of data from the Ministry of Employment and Labor by the Korea Economic Research Institute (KERI), the [...]
SEOUL, July 7 (Korea Bizwire) — Companies that have reduced wages for management staff following the coronavirus outbreak are also seeing relatively low price-to-earnings ratios (PER). The Daishin Economic Research Institute conducted a study on the correlation between management wages at 343 companies listed on the stock exchange and PER, based on their 2020 business [...]
SEOUL, April 26 (Korea Bizwire) — South Korea has notified the United States of its plan to pay wages in advance for its citizens who work for the U.S. Forces Korea but have been furloughed amid a deadlock in their defense cost-sharing negotiations, a government source said Sunday. Around 4,000 employees were furloughed indefinitely starting [...]
SEOUL, May 30 (Korea Bizwire) — Wages of seamen in South Korea edged up in 2018 from a year earlier, with crew of deep-sea fishing vessels being the highest paid, data showed Thursday. The average monthly wage of sailors in the country came to 4.69 million won (US$3,928) last year, up 1.8 percent from a [...]
SEOUL, May 9 (Korea Bizwire) — Nationwide public transportation chaos is looming, as unionized bus drivers across the country have been voting overwhelmingly to strike to demand pay hikes and manpower increases in time for the implementation of a mandatory 52-hour workweek in the bus industry this summer. Some 35,000 drivers from 10 cities and [...]
SEOUL, Mar. 2 (Korea Bizwire) — South Korean workers have expressed mixed feelings towards the passage of a revised bill through parliament that aims to shorten working hours, with some citing positive improvements in their work-life balance while others fear a cut in wages. On Wednesday, the National Assembly passed a revision to the Labor [...]
SEOUL, Dec. 13 (Korea Bizwire) – The board of directors at seven major commercial banks decided Monday to implement a performance-based pay system – a controversial wage system introduced under the troubled Park Geun-hye administration. The seven institutions are Woori Bank, Shinhan Bank, KB KookminBank, KEB Hana Bank, SC Cheil Bank, and Citibank. Officials have [...]
SEOUL, Nov. 11 (Korea Bizwire) – “We’ll make a McJob a GoodJob,” read the slogan held by a picketer wearing a McDonald’s paper bag. Taking place Wednesday in front of the McDonald’s headquarters building in Seoul was the inauguration ceremony of a new McDonald’s labor union of current and former part-timers. The union has existed [...]
SEOUL, June 14 (Korea Bizwire) – A ruthless employer has chosen to pay his foreign workers their overdue wages with 22,000 coins. Foreign workers from Uzbekistan who worked at a construction site in South Gyeongsang Province’s Changnyeong County were given unpaid wages of 4.4 million won on June 9, all in coins. The builder gave them [...]