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Full-time wages in S. Korea 75% of OECD average: report
By Korea HeraldPublished : Dec. 25, 2011 - 18:21
South Korean full-time workers last year earned only 75 percent of what their counterparts in advanced economies raked in, a report showed Sunday.
The average wage of South Korean full-time workers reached $33,221 in 2010 in terms of purchasing power, compared with $43,933 for full-time workers in Organization for Economic Cooperation and Development (OECD) countries, according to the “Employment Outlook 2011” report by the 34-member organization.
South Korea ranked 19th out of a total of 28 countries tallied, with its average wage for a full-time worker accounting for 75.6 percent of the OECD average, it showed.
The United States topped the list with $52,607, followed by Luxembourg with $52,110, according to the report.
South Korea’s nominal income also came in lower compared with that of advanced economies, standing at $26,538, the 22nd highest among the tallied countries, according to the report.
Experts said the gap between South Korea, Asia’s fourth-largest economy, and other developed economies is unlikely to narrow in the near future due to the country’s slowing income growth.
Annual income growth in South Korea stood at 1.5 percent between 2005 and 2010, lagging behind 2.4 percent in Norway and 2.3 percent in Ireland, the report showed.
(Yonhap News)
The average wage of South Korean full-time workers reached $33,221 in 2010 in terms of purchasing power, compared with $43,933 for full-time workers in Organization for Economic Cooperation and Development (OECD) countries, according to the “Employment Outlook 2011” report by the 34-member organization.
South Korea ranked 19th out of a total of 28 countries tallied, with its average wage for a full-time worker accounting for 75.6 percent of the OECD average, it showed.
The United States topped the list with $52,607, followed by Luxembourg with $52,110, according to the report.
South Korea’s nominal income also came in lower compared with that of advanced economies, standing at $26,538, the 22nd highest among the tallied countries, according to the report.
Experts said the gap between South Korea, Asia’s fourth-largest economy, and other developed economies is unlikely to narrow in the near future due to the country’s slowing income growth.
Annual income growth in South Korea stood at 1.5 percent between 2005 and 2010, lagging behind 2.4 percent in Norway and 2.3 percent in Ireland, the report showed.
(Yonhap News)
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Articles by Korea Herald
