Korean Staff’ Salaries Surpass 90% of OECD Common: A Have a look at Revenue Disparities and Progress

Residents on their technique to work at Sejong-ro intersection in Seoul on the twenty third./Yonhap Information

The annual wage of Korean employees has exceeded 90% of the Group for Financial Co-operation and Growth (OECD) common.

In accordance with the OECD on the twenty third, the typical wage acquired by Korean employees for a yr in 2022 was $48,922 (about 66.65 million earned), which is 91.6% of the typical of $53,416 for 38 OECD international locations. The common wage of Korean employees exceeded 90% of the OCED common for the primary time in 2020 (90.4%), and wage ranges proceed to rise after 2021 (90.6%). Twenty years in the past, in 2002, the typical wage was $34,507, which is just 74.8% of the OECD common.

Korea got here nineteenth within the OCED’s annual common wage rating. First place was Iceland with $79,473, adopted by Luxembourg ($78,310), the USA ($77,463), Switzerland ($72,993), Belgium ($64,848), and Denmark (64,127). However, Mexico had the bottom quantity at $16,685.

In the meantime, Korea’s neighboring nation, Japan, ranked twenty fifth with $41,509. Korea’s common wage was larger than Japan’s for the primary time in 2014, and this hole continues to widen over time. At the moment, Korea was twenty second and Japan twenty third.

Though the typical wage in Korea has elevated, the wage hole by gender and firm dimension has been comparatively massive. As of 2022, Korean ladies earn about 31.2% lower than males, making the gender pay hole the very best amongst OECD member international locations. Additionally, in accordance with the Nationwide Statistical Workplace, in December 2022, the typical month-to-month revenue of employees in massive corporations was 5.91 million received earlier than tax, which was 2.1 instances greater than small and medium-sized corporations (2.86 million received).