Monday, March 05, 2007

Wages in Korea: Some Insights

Good Morning...
I'm often quizzed on pay scales in Korea....This Korea Herald article posts recent stats on Korean wages...I've edited the article to highlight the pay scales.

I've also converted the Won to U.S. Dollars in brackets [ ]. Pay ranges from $50k to $35k. This does not include bonuses and perks for upper management such as monthly expense accounts, cars, etc. Most Korean households are also dual income, with spouses working, too...

The article notes...
Workers in administrative positions such as corporate executives and congressmen posted the sharpest income growth last year among nine occupational groups, according to the National Statistical Office.

Administrators - comprising lawmakers, local council members, corporate executives and high-ranking government officials (director-general level or higher) - earned 10.2 percent more year-on-year on average. Soldiers, experienced farmers, timbermen and fishermen, on the other hand, made 10.2 percent less on average compared to the previous year.

The income growth of administrators is gaining momentum as their role in companies and other organizations is growing bigger, said an economic researcher at a private think tank, who asked to remain anonymous.

>>The average monthly salary of household heads nationwide gained 5.5 percent from a year ago to 2.32 million won [$2,540] last year, the NSO data said. <<<

Technicians saw the second-highest salary growth at 6.4 percent, followed by engineers and semi-experts (5.9 percent), sales and service employees (4.7 percent) and certified professionals (4.5 percent).

Semi-experts include computer and medical equipment operators; broadcasting technicians; arts, entertainment and sports experts and social service experts.

The administrator group was also the highest paid, making 3.98 million won a month. >>{ $4221] <<< $ 50, 652

This is followed by certified professionals including doctors and lawyers (3.42 million won)>> [$3627] <<< $43, 524

The pay for engineers and semi-experts (3.06 million won); [$3245] >>>$38, 940

The pay for office workers (2.76 million won)>>>[ $2927] $ 35, 124

....and soldiers, experienced farmers, timbermen, and fishermen (2.32 million won). Equipment operators and machinery assemblers earned an average monthly income of 2.22 million won while technicians made 1.94 million won. Manual laborers earned the least - 1.1 million won - after employees in service and sales (1.78 million won).


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