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Korean Job Discussion Forums "The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
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wonkavite62
Joined: 17 Dec 2007 Location: Jeollanamdo, South Korea.
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Posted: Tue Nov 14, 2017 8:28 pm Post subject: Stagnant Wages and High Rents |
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Salaries may not be what they should be. However, I have also discovered that while the cost of certain goods and services, especially rent, is going up, the salary of many KOREAN people is not. The Korea Times said that salaries of a great many Koreans have been stagnant for a decade. Yet the rich are making a killing.
I read, I think it was in Time Magazine, that the 2 big sources of instability in this country's economy are education costs and high housing costs. The latter is hurting many, many people, especially Koreans. Speculation by landlords and companies is a big problem, and the current president is trying to do something to curb this. We'll see if he can do so or not. Part of the problem is that it is culturally acceptable for landlords to suddenly increase the rent, say by %300 per month, and close profitable businesses, in all the popular areas in order to get the money they fantasise about having. The property may then lie empty.CEO's of big companies are under pressure to limit speculative buying. To get around this, they get their children to buy properties instead. Seoul and other cities are in a bubble situation. Yet we have to be able to make do with less money, and from that less money, the landlords still hope to profit!. Also, some of my favorite bars are closing, and new bars may be charging London prices. Where I usually go drinking, cheap beer costs 3500 won. Up the road you will pay 9000 won for half a pint.
In the short term I am still saving money. But the combination of all this forces may not be good in the long term. If you come here, you will save money THIS YEAR. I cannot make promises about the future. |
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wonkavite62
Joined: 17 Dec 2007 Location: Jeollanamdo, South Korea.
|
Posted: Tue Nov 14, 2017 8:28 pm Post subject: Stagnant Wages and High Rents |
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|
Salaries may not be what they should be. However, I have also discovered that while the cost of certain goods and services, especially rent, is going up, the salary of many KOREAN people is not. The Korea Times said that salaries of a great many Koreans have been stagnant for a decade. Yet the rich are making a killing.
I read, I think it was in Time Magazine, that the 2 big sources of instability in this country's economy are education costs and high housing costs. The latter is hurting many, many people, especially Koreans. Speculation by landlords and companies is a big problem, and the current president is trying to do something to curb this. We'll see if he can do so or not. Part of the problem is that it is culturally acceptable for landlords to suddenly increase the rent, say by %300 per month, and close profitable businesses, in all the popular areas in order to get the money they fantasise about having. The property may then lie empty.CEO's of big companies are under pressure to limit speculative buying. To get around this, they get their children to buy properties instead. Seoul and other cities are in a bubble situation. Yet we have to be able to make do with less money, and from that less money, the landlords still hope to profit!. Also, some of my favorite bars are closing, and new bars may be charging London prices. Where I usually go drinking, cheap beer costs 3500 won. Up the road you will pay 9000 won for half a pint.
In the short term I am still saving money. But the combination of all this forces may not be good in the long term. If you come here, you will save money THIS YEAR. I cannot make promises about the future. |
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