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Salaries stagnant for the last 20 years
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The Great Wall of Whiner



Joined: 24 Jan 2003
Location: Middle Land

PostPosted: Thu Sep 28, 2017 1:59 am    Post subject: Salaries stagnant for the last 20 years Reply with quote

Wow. Schools pay about the same now as they did almost 20 years ago.

Any long-timers notice this, or is it just me?
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World Traveler



Joined: 29 May 2009

PostPosted: Thu Sep 28, 2017 4:05 am    Post subject: Reply with quote

And what were prices like back then?

Haircuts: 4,000

Taxi rides: 1,000

Prices were so much cheaper back then.
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SuperfuzzBigmuff



Joined: 12 Mar 2017

PostPosted: Thu Sep 28, 2017 4:30 am    Post subject: Reply with quote

I was here 10 years ago and the wages were the same then. Same as 20 years ago? What a joke!

Supply and demand. The punters just keep coming for that tasty kimchi and to experience the unique sensation of 4 seasons.
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goat



Joined: 23 Feb 2010

PostPosted: Thu Sep 28, 2017 4:45 am    Post subject: Reply with quote

Rent was 200,000. Now it's 700,000. = 500,000 benefits increase paid by boss.

Boss has to pay more for airfare. That's another 50,000 per month.

Boss is paying @ 550,000 - 800,000 more per month in benefits.

Some things are more expensive, but some things are cheaper due to imports.

2,000,000 per month is rocking and rolling once benefits are figured in. After taxes and deductions, a good 1,800,000 to live on and invest in the future.

You dudes are strangling the schools into poverty.
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World Traveler



Joined: 29 May 2009

PostPosted: Thu Sep 28, 2017 6:02 am    Post subject: Reply with quote

Not really.

Public schools gave 400,000 a month for housing allowance years ago. After years of inflation, still do. Resultant housing has become smaller and crappier.

Unis that used to provide housing and/or key money plus housing allowance no longer do. Now just 300,000 a month which is a joke. Or nothing.

Round trip flights became one way or no way.
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SuperfuzzBigmuff



Joined: 12 Mar 2017

PostPosted: Thu Sep 28, 2017 4:59 pm    Post subject: Reply with quote

goat wrote:
Rent was 200,000. Now it's 700,000. = 500,000 benefits increase paid by boss.

Boss has to pay more for airfare. That's another 50,000 per month.

Boss is paying @ 550,000 - 800,000 more per month in benefits.

Some things are more expensive, but some things are cheaper due to imports.

2,000,000 per month is rocking and rolling once benefits are figured in. After taxes and deductions, a good 1,800,000 to live on and invest in the future.

You dudes are strangling the schools into poverty.


You sound like a hagwon owner.

These salaries will result in one being low-middle class for the rest of your life.

A trip to the home country once a year, upgrading one's phone or computer every few years, having a "life", eating better than triangle kimbap and fairly poor exchange rates all have a massive impact on your "rocking and rolling" sum or 1,800,000/ month to live off and save.

The bonus and pension make it barely worth it for a year or two.

I daresay wages won't go up in the next 10 years for entry-level jobs, but the cost of living will steadily increase.
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gerald.in.korea



Joined: 15 Oct 2007

PostPosted: Thu Sep 28, 2017 8:52 pm    Post subject: Inflation coming up, Min. Wage Increase Reply with quote

As of 2018 the minimum wage in Korea is going up to around 15,000,000 KRW. While most of the Foreign Teachers are already being paid more than that and usually get additional housing (another 2-500 K KRW) and Airfare (one way at least) the issue for the Teaching Companies will be that all the support staff and Korean Teachers wages will increase. It was not uncommon for a Qualified Korean who taught English (crystal clear English) and Kyopo's to get 2/3 to 1/2 of a Foreign Teachers wage.

Now the out going costs for the supporting staff (and some of the Korean Teachers and Korean Teaching Assistants) will increase, and in some cases up by 50% to 100% (literately).

The Korean Economy traditionally buried it's inflation in the land prices, where as the USA Economy buried it in the Stock Market, the jump in minimum wage will create up wards inflationary pressure and the effects will be felt starting January 2018.

The good news is that the cost difference between a Foreign Teacher and a Korean Teacher will be less, the bad news is that rental housing will go up, food will go up etc.
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SuperfuzzBigmuff



Joined: 12 Mar 2017

PostPosted: Thu Sep 28, 2017 10:42 pm    Post subject: Re: Inflation coming up, Min. Wage Increase Reply with quote

gerald.in.korea wrote:
As of 2018 the minimum wage in Korea is going up to around 15,000,000 KRW. While most of the Foreign Teachers are already being paid more than that and usually get additional housing (another 2-500 K KRW) and Airfare (one way at least) the issue for the Teaching Companies will be that all the support staff and Korean Teachers wages will increase. It was not uncommon for a Qualified Korean who taught English (crystal clear English) and Kyopo's to get 2/3 to 1/2 of a Foreign Teachers wage.

Now the out going costs for the supporting staff (and some of the Korean Teachers and Korean Teaching Assistants) will increase, and in some cases up by 50% to 100% (literately).

The Korean Economy traditionally buried it's inflation in the land prices, where as the USA Economy buried it in the Stock Market, the jump in minimum wage will create up wards inflationary pressure and the effects will be felt starting January 2018.

The good news is that the cost difference between a Foreign Teacher and a Korean Teacher will be less, the bad news is that rental housing will go up, food will go up etc.


In other words, I won’t be earning any more money, but essentials like food will be going up.
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goat



Joined: 23 Feb 2010

PostPosted: Fri Sep 29, 2017 3:54 am    Post subject: Reply with quote

Higher inflation rates are most likely coming. The Boss will have to cut corners. Salary increases for foreigners will be the last thing on the agenda. The supply of foreign teachers will be strong. 1,900,000 is around the corner.
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SuperfuzzBigmuff



Joined: 12 Mar 2017

PostPosted: Fri Sep 29, 2017 9:06 pm    Post subject: Reply with quote

goat wrote:
Higher inflation rates are most likely coming. The Boss will have to cut corners. Salary increases for foreigners will be the last thing on the agenda. The supply of foreign teachers will be strong. 1,900,000 is around the corner.


I've already seen hagwons advertise for 1.8. If it becomes the norm, well, good luck to the newbies.

I can't see public school increases for many years. Luckily they still cough up the bonus, pension and 2 mill for flights. Not the best deal; not the worst, either.
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World Traveler



Joined: 29 May 2009

PostPosted: Sat Sep 30, 2017 1:34 am    Post subject: Reply with quote

SuperfuzzBigmuff wrote:
Luckily they still cough up the bonus, pension and 2 mill for flights.

Not anymore. Starting this year, SMOE took away the re-signing bonus (2mil). Folks staying with GEPIK will also lose it (because of a name change).
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goat



Joined: 23 Feb 2010

PostPosted: Sat Sep 30, 2017 3:28 am    Post subject: Reply with quote

SuperfuzzBigmuff wrote:
goat wrote:
Higher inflation rates are most likely coming. The Boss will have to cut corners. Salary increases for foreigners will be the last thing on the agenda. The supply of foreign teachers will be strong. 1,900,000 is around the corner.


I've already seen hagwons advertise for 1.8. If it becomes the norm, well, good luck to the newbies.

I can't see public school increases for many years. Luckily they still cough up the bonus, pension and 2 mill for flights. Not the best deal; not the worst, either.


1.8 isn't bad for 20-30 hours of work each week with all the benefits, perks, and extras thrown in. That's 4X minimum wage.
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World Traveler



Joined: 29 May 2009

PostPosted: Sat Sep 30, 2017 4:30 am    Post subject: Reply with quote

Korean minimum wage is 7,530 an hour. Times four is 30,120.

Assuming a 40 hour work week (which is required at public schools, and increasingly at hagwons) 1.8 would be 10,344 an hour.

So, it's more than a part time high school student worker...

...but less than a bus driver...
Quote:
“Drivers who have worked for four to seven years earn an average of 40 million won per year, a similar level to the annual salary of subway engine drivers with five years experience,” a Seoul city official said.

A better comparison might be the median yearly income for an American college grad- $60,343. That's five thousand dollars a month.

When you look at it that way is 1.8 to 2.1 a month at a hagwon a good deal?
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SuperfuzzBigmuff



Joined: 12 Mar 2017

PostPosted: Sat Sep 30, 2017 4:46 am    Post subject: Reply with quote

goat wrote:
SuperfuzzBigmuff wrote:
goat wrote:
Higher inflation rates are most likely coming. The Boss will have to cut corners. Salary increases for foreigners will be the last thing on the agenda. The supply of foreign teachers will be strong. 1,900,000 is around the corner.


I've already seen hagwons advertise for 1.8. If it becomes the norm, well, good luck to the newbies.

I can't see public school increases for many years. Luckily they still cough up the bonus, pension and 2 mill for flights. Not the best deal; not the worst, either.


1.8 isn't bad for 20-30 hours of work each week with all the benefits, perks, and extras thrown in. That's 4X minimum wage.


1.8 ain't bad if you're straight out of uni and want to blog about your show box apartment, a typical day at work and things you love and hate about Korea. It's also good for the Hongdae and drinking soju outside of CU on plastic chairs as a night out set.

I was on 2.3 in 2006 and 3.6 with after school money in 2007.

1.8 is not worth going to Korea for IMHO in 2017.
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goat



Joined: 23 Feb 2010

PostPosted: Sat Sep 30, 2017 7:13 am    Post subject: Reply with quote

World Traveler wrote:
Korean minimum wage is 7,530 an hour. Times four is 30,120.

Assuming a 40 hour work week (which is required at public schools, and increasingly at hagwons) 1.8 would be 10,344 an hour.

So, it's more than a part time high school student worker...

...but less than a bus driver...
Quote:
“Drivers who have worked for four to seven years earn an average of 40 million won per year, a similar level to the annual salary of subway engine drivers with five years experience,” a Seoul city official said.

A better comparison might be the median yearly income for an American college grad- $60,343. That's five thousand dollars a month.

When you look at it that way is 1.8 to 2.1 a month at a hagwon a good deal?


But a first year hagwon worker will make as much as a first year bus driver once all the extra goodies are thrown in for the hagwon newbie. Too, the hagwon newbie will work about half as many hours as the bus driver.
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