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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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 Posted: Wed Dec 26, 2007 12:06 am Post subject: Prices Increasing; Reduced Income; Too Expensive? |
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Price Increases Expected Next Year
from Donga.com (December 26, 2007)
http://english.donga.com/srv/service.php3?biid=2007122645668
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Consumer prices and utility charges are expected to soar due to rising oil and crop prices starting early next year....
Nongshim, the largest instant noodle maker in Korea, is said to be considering how much it will increase prices by and when the hike will come due to skyrocketing flour prices. Earlier, CJ, another food maker in Korea, raised the price of its foods made of flour by 24 to 34 percent.
Lotte Confectionery agreed to increase cookie prices 15 to 20 percent from February 2008. Haitai Confectionery & Foods is also expected to hike confectionary prices in March, when new products are put to the market in earnest.
Petrochemical products such as gasoline, diesel and lamp oils are expected to continue their upward swing. |
Nation rings in new year with higher cost of living
Oil, bread, utilities will all be more expensive in '08
By Limb Jae-un, JoongAng Daily (December 26, 2007)
http://joongangdaily.joins.com/article/view.asp?aid=2884330
Last edited by Real Reality on Mon Aug 17, 2009 4:29 pm; edited 5 times in total |
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Ilsanman
Joined: 15 Aug 2003
Location: Bucheon, Korea
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| Posted: Wed Dec 26, 2007 2:02 am Post subject: |
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And wages are doing what?
President Lee will have a busy year. |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Wed Dec 26, 2007 2:53 am Post subject: |
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| Ilsanman wrote: |
And wages are doing what?
President Lee will have a busy year. |
nothing.. as ESL teachers are paid low always have been..
the average korean with a degree is paid 2.3-2.6 starting base..
and that increases every year! you stay at a company for 5 years you tap out at 5 million a month!! the ESL *beep* stays at a hakwon for 5 years will get maybe an extra 200-300K a month..
and foreigners keep saying how the pay is good here hahahaha |
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agoodmouse
Joined: 20 Dec 2007
Location: Anyang
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| Posted: Wed Dec 26, 2007 2:54 am Post subject: |
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| Cheese pizzas at Imsil Pizza rose 2,000. This happened just two days ago. The man behind the counter let me know. |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Wed Dec 26, 2007 3:29 am Post subject: |
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A recent Economist heralded this new era with a cover story entitled "The End of Cheap Food".
The whole world is going through this. Many are blaming eco-fuels which plays a role, but mostly we are approaching 7 billion people and more and more of those people are living the American dream. The middle classes of China and India are now (or will soon be) bigger than that of the US or Europe.
Add to this growth the fact that China, India and others hold down prices (.10 cents a gallon in Venezuala, Kuwait, Saudi Arabia!) in many areas leads to less economy and more waste. If every Chinese driver gets discounted gasoline then the world will be screwed.
Get ready for more increases and just try to stay away from processed foods. Korea has great outdoor markets that are cheaper than e-mart and much less harmful to the environment.
Use less oil, take the subway, KTX, buy smaller cars. We all knew this was coming, now its time to adjust our lifestyles accordingly and hope that we are not about to hit an ingenuity gap that will lead to our extinction. |
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d-rail
Joined: 04 Jan 2006
Location: Gangnam
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| Posted: Wed Dec 26, 2007 4:51 am Post subject: |
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| itaewonguy wrote: |
| Ilsanman wrote: |
And wages are doing what?
President Lee will have a busy year. |
nothing.. as ESL teachers are paid low always have been..
the average korean with a degree is paid 2.3-2.6 starting base..
and that increases every year! you stay at a company for 5 years you tap out at 5 million a month!! the ESL *beep* stays at a hakwon for 5 years will get maybe an extra 200-300K a month..
and foreigners keep saying how the pay is good here hahahaha |
wow, in what industry does your pay double in 5 years?? i want in. |
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SuperHero
Joined: 10 Dec 2003
Location: Superhero Hideout
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| Posted: Wed Dec 26, 2007 5:24 am Post subject: |
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| d-rail wrote: |
| wow, in what industry does your pay double in 5 years?? i want in. |
My wife's salary went from 1.8 to 3.3 in less than 3 years at the same job. And she's not impressed with how low her raises have been. |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Wed Dec 26, 2007 5:45 am Post subject: |
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| d-rail wrote: |
| itaewonguy wrote: |
| Ilsanman wrote: |
And wages are doing what?
President Lee will have a busy year. |
nothing.. as ESL teachers are paid low always have been..
the average korean with a degree is paid 2.3-2.6 starting base..
and that increases every year! you stay at a company for 5 years you tap out at 5 million a month!! the ESL *beep* stays at a hakwon for 5 years will get maybe an extra 200-300K a month..
and foreigners keep saying how the pay is good here hahahaha |
wow, in what industry does your pay double in 5 years?? i want in. |
welcome to korea!
how do you think everyone can afford new cars, homes priced over 500 million won minumum, because wages increase here, even korean teachers get paid VERY well..
ESL teachers get paid squat! if you are 40 years old and been teaching here for 10 years at a hakwon and you are probably making 2.4-2.6 base!
ITS A JOKE business.. this job is good for an overseas experience and to help pay off your loans.. |
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Ilsanman
Joined: 15 Aug 2003
Location: Bucheon, Korea
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| Posted: Wed Dec 26, 2007 6:02 am Post subject: |
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My earnings have about doubled since I arrived, in 5 years, but I can't see them getting a heck of a lot higher until the time I leave
| itaewonguy wrote: |
| d-rail wrote: |
| itaewonguy wrote: |
| Ilsanman wrote: |
And wages are doing what?
President Lee will have a busy year. |
nothing.. as ESL teachers are paid low always have been..
the average korean with a degree is paid 2.3-2.6 starting base..
and that increases every year! you stay at a company for 5 years you tap out at 5 million a month!! the ESL *beep* stays at a hakwon for 5 years will get maybe an extra 200-300K a month..
and foreigners keep saying how the pay is good here hahahaha |
wow, in what industry does your pay double in 5 years?? i want in. |
welcome to korea!
how do you think everyone can afford new cars, homes priced over 500 million won minumum, because wages increase here, even korean teachers get paid VERY well..
ESL teachers get paid squat! if you are 40 years old and been teaching here for 10 years at a hakwon and you are probably making 2.4-2.6 base!
ITS A JOKE business.. this job is good for an overseas experience and to help pay off your loans.. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Sun Jan 06, 2008 4:01 pm Post subject: |
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As prices of grain and gas rise, so does cost of noodles
By Kim Hyo-hye and Kang Ki-heon, JoongAng Daily (January 7, 2008)
http://joongangdaily.joins.com/article/view.asp?aid=2884787
| Quote: |
Skyrocketing international prices of oil, gas and grain are making food and household goods more expensive.
"I think I felt better during the 1997 financial crisis," said Yang Young-geun, 53, who has run a Chinese restaurant in southeastern Seoul for 12 years. "It has never felt tougher than today."
As the prices of flour and oil, the main ingredients of jajangmyeon (noodles with black bean paste sauce), have climbed, he said, he no longer makes any profit on the dish.
"The cost of the ingredients to make the noodles has risen from 30 percent to 45 percent of the total cost," Lee said. "After paying salaries to my employees and maintenance costs, I have almost nothing left."...
The 51-year-old owner of a Chinese restaurant in Seocho, southern Seoul, has started selling the noodles at 4,000 won, up 500 won from last year. "I tried to avoid raising the price by cutting personnel costs, but I could not stand the skyrocketing prices of ingredients anymore," said the female owner, who refused to be named.
"I am afraid to shop these days because the price of everything goes up day by day," said Kim Gyeong-soo, a 54-year-old housewife in Jung District, Seoul. "Our family now takes vitamin C instead of eating fruit." |
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kiwiduncan
Joined: 18 Jun 2007
Location: New Zealand
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| Posted: Sun Jan 06, 2008 4:40 pm Post subject: |
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| Octavius Hite wrote: |
A recent Economist heralded this new era with a cover story entitled "The End of Cheap Food".
The whole world is going through this. Many are blaming eco-fuels which plays a role, but mostly we are approaching 7 billion people and more and more of those people are living the American dream. The middle classes of China and India are now (or will soon be) bigger than that of the US or Europe.
Add to this growth the fact that China, India and others hold down prices (.10 cents a gallon in Venezuala, Kuwait, Saudi Arabia!) in many areas leads to less economy and more waste. If every Chinese driver gets discounted gasoline then the world will be screwed.
Get ready for more increases and just try to stay away from processed foods. Korea has great outdoor markets that are cheaper than e-mart and much less harmful to the environment.
Use less oil, take the subway, KTX, buy smaller cars. We all knew this was coming, now its time to adjust our lifestyles accordingly and hope that we are not about to hit an ingenuity gap that will lead to our extinction. |
I feel that things are just going to get worse and worse too. Maybe I'll go back to NZ after my current contract. I'd rather be back in kiwiland than Korea with these increasingly high oil and food prices. At least in NZ we can feed ourselves. |
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Justin Hale
Joined: 24 Nov 2007
Location: the Straight Talk Express
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| Posted: Sun Jan 06, 2008 8:45 pm Post subject: |
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| itaewonguy wrote: |
| d-rail wrote: |
| itaewonguy wrote: |
| Ilsanman wrote: |
And wages are doing what?
President Lee will have a busy year. |
nothing.. as ESL teachers are paid low always have been..
the average korean with a degree is paid 2.3-2.6 starting base..
and that increases every year! you stay at a company for 5 years you tap out at 5 million a month!! the ESL *beep* stays at a hakwon for 5 years will get maybe an extra 200-300K a month..
and foreigners keep saying how the pay is good here hahahaha |
wow, in what industry does your pay double in 5 years?? i want in. |
welcome to korea!
how do you think everyone can afford new cars, homes priced over 500 million won minumum, because wages increase here, even korean teachers get paid VERY well..
ESL teachers get paid squat! if you are 40 years old and been teaching here for 10 years at a hakwon and you are probably making 2.4-2.6 base!
ITS A JOKE business.. this job is good for an overseas experience and to help pay off your loans.. |
Average household income in Korea is about 3 million. A household is on average 3 people - a mom, a dad and a birthrate of 1.26.
An English teacher, a single-earner (so he has one mouth to feed and not three), given there's no rent to pay and lower taxes than the 16% Koreans pay, fares better than Koreans on average. |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Sun Jan 06, 2008 9:01 pm Post subject: |
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Wow, taking vitamin C instead of eating fruits???
Aren't vitamins here really expensive?? |
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cdninkorea
Joined: 27 Jan 2006
Location: Seoul
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| Posted: Mon Jan 07, 2008 12:46 am Post subject: |
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It's not about comparing yourself to Koreans anyway- I prefer to compare my salary to what I could make in Canada. Gross salaries might be higher in Canada after a few years experience, but let's consider the tax rate too: my mother, for example, pays 40 percent. Because of this, my net paycheque (ie what I can actually spend, which is all that really matters) is higher.
That in itself is no reason to stay in this industry forever; I certainly don't plan to. But for the time being I'm doing well even if prices go up. |
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Unposter
Joined: 04 Jun 2006
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| Posted: Mon Jan 07, 2008 1:02 am Post subject: |
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There is a lot of relatively cheap candy - lemonia for example- I can't quite remember - that is fortified with vitamin C.
Other vitamins are probably expensive, especially if they are imported.
That said fruit in Korea certainly ain't cheap. |
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