SEJONG -- Housing prices in many satellite cities around Seoul posted a growth of more than 5 percent in 10 weeks, with price increases in some cities surging 10 percent. According to KB Kookmin Bank and Naver.com, Seongnam’s Bundang-gu saw the average trading price of homes climb by 9.5 percent from 31.97 million won ($28,800) per 3.3 square meters on Nov. 27, 2020 to 35.04 million ($31,600) on Feb. 5, 2021. This means the average price of an 84-square-meter house, a popular size among

Economy Feb. 18, 2021

SEJONG -- Gasoline prices in South Korea have climbed for 89 consecutive days in tandem with international crude prices, adding to the burdens facing households and businesses. According to the Korea National Oil Corp., the price of gasoline reached 1,461.05 won ($1.32) per liter on Feb. 15. It marked a third consecutive month of rebounding, having previously dipped to 1,317.12 won per liter Nov. 18. Furthermore, the current level marked the highest price point in about 11 months -- since Mar

Economy Feb. 16, 2021

SEJONG -- The number of registered foreign residents in South Korea came to 1.27 million at the end of 2019, making up 2.4 percent of the population of 51.84 million. The nation saw its foreign population climb quickly, from 1.7 percent a decade earlier in 2009 when 870,600 of Korea’s 49.77 million people where non-citizens. But the figure for Korea is still behind of the average of the Organization for Economic Cooperation and Development, which compared 33 of its total 37 members for

Social Affairs Feb. 14, 2021

SEJONG -- The tally of foreigners staying in South Korea -- both as long-term residents and short-term visitors -- has dropped to its lowest point in about three years amid the pandemic. Previously it climbed 116 percent in a decade, from 1.16 million in 2009 to 2.52 million in 2019. According to the Korea Immigration Service, the number of foreigners staying in Korea posted 2.07 million as of October 2020. It was 2.18 million in December 2017 and 2.04 million in December 2016. The 2020 figur

Social Affairs Feb. 9, 2021

SEJONG -- The Moon Jae-in administration had been active in raising property taxes, claiming that the aggravated tax burden for multiple home-owners would eventually curb apartment prices. But housing prices in Seoul and some other major cities have continued to climb to record-highs. The government still maintains the policy of higher taxation on real estate, while more and more people have become skeptical about it in terms of efficacy. A recent survey suggests a dominant portion of people&

Economy Feb. 7, 2021

SEJONG --The number of unemployed or underemployed people in South Korea climbed to the second-highest on record in December at 14.6 percent, according to Statistics Korea. Defined as the “extended-based” jobless rate, it refers to the percentage of the unemployed or underemployed of the economically active population under the Supplementary Index III for Employment. The Index III regards “underemployed” people -- who work less than 36 hours a week and want to work mo

Economy Feb. 4, 2021

SEJONG -- The downhill trajectory in South Korea’s demographic figures, which started in December 2019, continued last month as more cities and provinces posted negative population growth. According to the Ministry of Interior and Safety, the nation’s population declined by 3,091 on-month to 51.825 million in January 2021. In December 2018 the figure stood at 51.826 million. Furthermore, 15 of the country’s 17 major cities and provinces saw growth in the minus range, with onl

Social Affairs Feb. 2, 2021

SEJONG -- Women outnumbered and outpaced men in growth as recipients of unemployment benefits over the past year, when COVID-19 dealt a severe blow to the nation. According to the Korea Employment Information Service, the tally for female recipients of unemployment benefits came to 307,178 in December 2020, up 44.3 percent from 212,780, posted a year earlier. This outstripped the number of male recipients, 299,048, and on-year growth of 40.6 percent over the corresponding period. The ag

Economy Jan. 31, 2021

SEJONG -- South Korea has placed No. 5 in an indicator for relative income poverty among 33 countries, according to report by the Organization for Economic Cooperation and Development. In the French-based organization’s analysis of 2019 figures or the latest available data, it put the poverty rate at 16.7 percent for Korea. The OECD defines the poverty rate as the ratio of the number of people whose income falls below half of the national’s median household income. It made Korea t

Social Affairs Jan. 28, 2021

SEJONG -- President Moon Jae-in was active in appointing women to his Cabinet during the early part of his term, though the percentage relative to the total has dropped since then. On the back of the current administration’s policy since 2017 favoring greater gender balance among ministers, South Korea overtook the US and some other developed countries in terms of the percentage of women occupying ministerial posts, according to the latest comparison from the Organization for Economic Co

Politics Jan. 26, 2021

SEJONG -- South Korea is heading toward a labor shortage in the wake of record-low fertility rates and the rapidly aging population. The baby boomer generation -- defined in Korea as those born between 1955-1963 -- is beginning to enter retirement age, with the working-age population classed as those aged 15-64. According to the Ministry of Interior and Safety, the working age population fell to 71.4 percent of the total in December, the lowest in at least 12 years. The portion was 72.4 perce

Social Affairs Jan. 24, 2021

SEJONG -- Major cities in Gyeonggi Province, which surrounds Seoul, were found to have led a rise in housing prices in the past 10 weeks, as residents in their 20s and 30s have been snapping up apartments, new data showed. 　 A younger generation of buyers have been purchasing apartments in high-density residential towns in Gyeonggi Province, as skyrocketing prices in Seoul have pushed them to seek more affordable housing further afield, according to data by KB Kookmin Bank and Naver.com. The

Economy Jan. 21, 2021

SEJONG -- The year of 2020 is expected to record as one of the few years, where a fever of buying apartments and stocks by taking out financial loans swept over the nation. The phenomenon was triggered by skyrocketing real estate prices in the wake of a housing shortage and sharp rebound in the Kospi despite the still high infections of novel coronavirus. Though the fourth-quarter data has yet to be compiled, the figure for the January-September of last year is suggesting that more and more K

Economy Jan. 19, 2021

SEJONG -- The number of people aged 100 or over in South Korea reached a historic high of 21,912 last year, data from the Ministry of Interior and Safety showed. In particular, 75.5 percent of centenarians were women, with the age group comprising 16,561 women vs. 5,351 men. Of all female centenarians, 5,001 or 30.1 percent resided in Seoul. Compared with 2010, when the tally of female centenarians residing in the capital was 2,549, the number has seen a 96.1 percent increase. The figure stoo

Social Affairs Jan. 17, 2021

SEJONG -- The number of nonregular employees in South Korea came to 7.4 million as of 2020, which made up 36.3 percent of the country’s 20.4 million salaried employees, Statistics Korea data showed. Job statuses in the nation are commonly divided into regular jobs with permanent contracts and strong protections for workers, and nonregular jobs such as temporary jobs, contract jobs and other forms of works with lower job security. Compared to 32.4 percent in 2015 during the previous Park

Economy Jan. 14, 2021