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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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 Posted: Fri Nov 30, 2007 5:07 pm Post subject: Allowances and Bonuses Are Important in Korea |
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Allowances and bonuses are important in Korea. How many allowances and bonuses do you receive each year? Do you know about the allowances and bonuses where you work?
Allowances Make Our Pay Fair, Public Officials Say from Chosun Ilbo (November 30, 2007)
http://english.chosun.com/w21data/html/news/200711/200711300019.html
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Korean public officials receive various allowances in addition to their base pay. Each official receives six to eight among 28 to 43 such allowances. According to the Civil Service Commission on Thursday, central government officials receive 43 kinds of allowances in addition to their base pay....
One corporate worker called the various allowances "shocking", pointing out that corporate workers typically do similar tasks and are paid only their salary while public officials are paid allowances for them.
But public officials view the matter differently. A level 7 official at the Ministry of Culture and Tourism said, "Although I receive various allowances, my total pay is less than that of friends at large corporations or public corporations. If large allowances are a problem, then we can raise the base pay and cut out the allowances." |
Employee bonuses double at FSS
JoongAng Daily (November 5, 2007)
http://joongangdaily.joins.com/article/view.asp?aid=2882326
Auto union votes on wage package from the JoongAng Daily (September 7, 2007)
http://joongangdaily.joins.com/article/view.asp?aid=2880222
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| The agreement, reached in the 12th round of talks on Tuesday, calls for Hyundai Motor to give its 44,000 workers a 5.8 percent increase in basic pay and to expand the annual worker bonus to 750 percent of one monthly salary from the current 700 percent. |
Public servants? from the JoongAng Daily (August 27, 2007)
http://joongangdaily.joins.com/article/view.asp?aid=2879769
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The news about corruption in the incumbent administration never stops coming, disappointing and frustrating the people. Last year, the Korea Railroad Corporation recorded a loss of 525.9 billion won ($530 million), but the company gave its workers bonuses 296 percent the size of an average salary.
The Korea Coal Corporation saw a deficit of 95.8 billion won, coming in last in an evaluation of management accomplishments. Nevertheless the company will give a 200 percent salary bonus to its workers.
The Korea Resources Corporation made a surplus of 2.8 billion won but it will spend 3.7 billion on bonuses. Public corporations give at least 200 percent of a salary as bonuses. That would be outrageous in private companies. But workers at public companies complain it is too little. |
Here is something else to consider.
27% of Economy Goes Underground
By Kim Sung-jin, Korea Times (February 26, 2006)
http://www.koreatimes.co.kr/www/news/nation/news_view.asp?newsIdx=2825725 |
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cdninkorea
Joined: 27 Jan 2006
Location: Seoul
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| Posted: Fri Nov 30, 2007 5:51 pm Post subject: Re: Allowances and Bonuses Are Important in Korea |
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If private companies want to give bonuses, that's their right becuase it's their money. When it's taxpayers footing the bill it's wrong. Reading things like this remind me of why I'm a libertarian:
| Real Reality wrote: |
The Korea Coal Corporation saw a deficit of 95.8 billion won, coming in last in an evaluation of management accomplishments. Nevertheless the company will give a 200 percent salary bonus to its workers.
The Korea Resources Corporation made a surplus of 2.8 billion won but it will spend 3.7 billion on bonuses. Public corporations give at least 200 percent of a salary as bonuses. That would be outrageous in private companies. But workers at public companies complain it is too little. |
The solution? Get rid of public companies. Sell them. |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Sat Dec 01, 2007 4:16 am Post subject: Re: Allowances and Bonuses Are Important in Korea |
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| Real Reality wrote: |
| How many allowances and bonuses do you receive each year? |
None.
Foreigners are sub-human and don't need to receive any allowances or bonuses. They should be happy they have a paycheque at all. |
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jaykimf
Joined: 24 Apr 2004
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| Posted: Sat Dec 01, 2007 11:00 am Post subject: Re: Allowances and Bonuses Are Important in Korea |
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| cdninkorea wrote: |
If private companies want to give bonuses, that's their right becuase it's their money. When it's taxpayers footing the bill it's wrong. Reading things like this remind me of why I'm a libertarian:
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What's the difference between a 2 million salary with no bonus and a 1 million salary with a 1 million bonus? The bottom line is that it makes no difference. The fact that part of compensation is referred to as a bonus or allowance instead of as salary is meaningless, except apparently to libertarians. |
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faster
Joined: 03 Sep 2006
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| Posted: Sat Dec 01, 2007 3:54 pm Post subject: Re: Allowances and Bonuses Are Important in Korea |
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| jaykimf wrote: |
| cdninkorea wrote: |
If private companies want to give bonuses, that's their right becuase it's their money. When it's taxpayers footing the bill it's wrong. Reading things like this remind me of why I'm a libertarian:
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What's the difference between a 2 million salary with no bonus and a 1 million salary with a 1 million bonus? The bottom line is that it makes no difference. The fact that part of compensation is referred to as a bonus or allowance instead of as salary is meaningless, except apparently to libertarians. |
The difference is the second guy's wife doesn't find out about his bonus, so he can spend it partaying with his buddies... |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Sat Dec 01, 2007 8:47 pm Post subject: Re: Allowances and Bonuses Are Important in Korea |
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| jaykimf wrote: |
What's the difference between a 2 million salary with no bonus and a 1 million salary with a 1 million bonus? The bottom line is that it makes no difference. The fact that part of compensation is referred to as a bonus or allowance instead of as salary is meaningless, except apparently to libertarians. |
A bonuses considered to be salary for the purposes of income tax? Or are bonuses tax-free? |
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