[Graphic News] Pay gap widens between regular and nonregular workers

Contrary to initial predictions, the pay gap between regular and nonregular workers widened after the enactment of a law aimed at protecting job security of temporary workers in 2007.According to analysis released by the private Korea Economic Research Institute on Monday, nonregular workers received 74.5 percent of regular employees’ wages on average in 2005.But the ratio decreased to 65.5 percent in 2009 when the law was applied to all workplaces before a slight uptick to 67.8 percent last yea

Dec. 14, 2015

[Graphic News] Saving for retirement tall order for households with children

The average Korean households will need 2.26 million won ($1,900) per month for essential costs of living after retirement, but what they are saving now comes to less than half of that, a recent study has revealed. According to a Seoul think tank under KB Financial Group, Korean households’ average postretirement income from savings, pensions and other sources is projected at an average 1.1 million won, about 48 percent of the amount needed. The deficit is largest for households with children, w

Dec. 13, 2015

[Graphic News] Brent oil slips below $40

Brent crude oil prices slid below $40 per barrel Tuesday for the first time in almost seven years after the Organization of the Petroleum Exporting Countries failed to reach an agreement to restrain production, leaving members to continue pumping crude into an already oversupplied market.West Texas Intermediate fell 0.4 percent to $37.51 per barrel on the New York Mercantile Exchange. Market experts including Goldman Sachs have predicted that the oil prices would further drop to $20 per barrel a

World NewsDec. 9, 2015

[Graphic News] Economically active population over 50 surpasses 10m

The number of Korean people in their 50s and older either working or seeking employment surpassed the 10 million mark for the first time, data showed Tuesday.According to Statistics Korea, the economically active population over age 15 as of the third quarter of this year reached around 27.2 million, with 11.1 million being 50 and older.The economically active population under 39 was 10.2 million, a 0.2 percent decrease compared to the same quarter in 2014.This is also the first time the number

IndustryDec. 1, 2015

[Graphic News] ‘Korea Black Friday’ drives up card spending

South Korea’s debit and credit card spending surged in October, when the government-led “Korea Black Friday” sales took place, the Credit Finance Association said Wednesday.Last month’s total card spending reached 55.68 trillion won, up 13.1 percent compared to the same period last year. Individually-owned credit and debit card spending rose by 8.5 percent last monthThe CFA credited the spending hike mainly to increased consumer spending during two-week sales event held by the government from Oc

IndustryNov. 25, 2015

[Graphic News] Cardholders shun cash advance service

Credit card holders are reluctant to use the cash advance service due to the high interest rates and alternative loan services, central bank data revealed on Monday.In the January-August period this year, the number of cash advance transactions by noncorporate credit card users stood at 66.5 million, down 8.5 percent from last year. Cash advance service, a type of card loan that allows cardholders to withdraw quick-and-easy cash from an ATM and pay back later, is now losing steam due to its high

Nov. 23, 2015

[Graphic News] Teenage smokers on the decline

The number of teenage smokers has declined this year, by over 60,000 among middle and high school students, according to the latest data.The number of students who picked up the habit was also the lowest in the last decade, according to the Ministry of Education and the Korea Centers for Disease Control and Prevention.In the statistics released on Monday, the ministry said that the rate of teenagers who smoked in the last 30 days dropped to 7.8 percent, a 1.4 percentage point drop from last year

Social AffairsNov. 17, 2015