The Finance and Insurance Industry Leads in Earned Income per Capita, while Food and Accommodation Industry Lags Behind
(Tax and Finance News = Reporter Jin Min-kyung) The finance and insurance industry has emerged as the highest-earning sector, while the food and accommodation industry has recorded the lowest average annual salary. The wage disparity between these two industries is a staggering 5.3 times.
In a report released by Representative Jin Seon-mi of the Planning and Finance Committee of the National Assembly, based on data from the National Tax Service, it was revealed that a total of 19,959,148 individuals reported earned income in 2021, amounting to a total salary of 803.2086 trillion won. The average annual wage per worker stood at 40.24 million won.
The Finance and Insurance Industry Takes the Lead
When analyzing salaries across all sectors, it becomes evident that the finance and insurance industry boasts the highest average salary per person, amounting to 89.14 million won.
Furthermore, other industries with relatively high average wages include electricity, gas, and water (74.18 million won), mining (55.39 million won), manufacturing (48.74 million won), and real estate (46.03 million won).
The Wage Disparity
In stark contrast, industries with lower-than-average wages include healthcare (40 million won), construction (39.15 million won), the service industry (36.59 million won), wholesale (36.58 million won), agriculture, forestry, and fishing (28.71 million won), retail industry (26.79 million won), and food and accommodation industry (16.95 million won).
Specifically, the wage gap between the finance and insurance industry, which tops the list, and the food and accommodation industry, at the bottom, amounts to a staggering 5.3 times.
Representative Jin emphasized the need for a balanced approach to income growth, taking into account industry characteristics such as job type and workload intensity. He stated, “The average wage per industry exhibits significant disparities of up to five times more,” highlighting the importance of a comprehensive plan to tackle this issue.
[조세금융신문(tfmedia.co.kr), 무단전재 및 재배포 금지]
(Tax and Finance News = Reporter Jin Min-kyung) The finance and insurance industry was chosen as the industry with the highest earned income per capita. On the other hand, the industry with the lowest annual salary was the food and accommodation industry. The average annual wage difference between the financial insurance industry and the food and accommodation industry was 5.3 times.
According to data presented by the National Tax Service by Representative Jin Seon-mi (Democratic Party of Korea), a member of the Planning and Finance Committee of the National Assembly, on the 1st, the number of people who reported earned income from 2021 was. 19,959,148, and the total salary was 803.2086 trillion won. The average salary per wage earner was 40.24 million won per year.
Looking at all industries, the industry with the highest average salary per person was the finance and insurance industry (KRW 89.14 million).
In addition, the average wages of workers in the electricity, gas and water industry (KRW 74.18 million), mining (KRW 55.39 million), manufacturing (KRW 48.74 million), and real estate (KRW 46.03 million) were relatively high.
In comparison, the industries that reported lower than average wages were health care (40 million earned), construction (39.15 million earned), service industry (36.59 million earned), wholesale (36.58 million earned), agriculture, forestry and fishing ( 28.71 million won), retail industry (26.79 million won), and food and accommodation industry There were 7, including (16.95 million won).
Specifically, the difference between the finance and insurance industry, which has the highest average salary, and the food and accommodation industry, which has the lowest average salary, reached 5.3 times.
Representative Jin said, “The average wage per industry shows a gap of up to five times more,” and added, “We need a plan for a balanced increase in income that takes into account industry characteristics such as type of work and intensity work.”
[조세금융신문(tfmedia.co.kr), 무단전재 및 재배포 금지]
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