Korean Job Discussion Forums

[jay-shi]

I made a post recently with the same topic title, except it wasn't as bad.

How much further down do you see the won dropping? How much purchasing power, back home, have you lost in the last year?

[Mr. Pink]

It jumps around like crazy because of how unstable this currency is.

Like 2-3 weeks ago it was 950-970.

On $1000 you aren't losing much if you buy at the right time.

The Canadian dollar is very strong atm and has been for over a year now.

[kimchipig]

I know it is a long time ago, but when I was teaching in Korea in 1994, I paid W520 for a Canadian dollar. I made W1.4m at my job and another W600k teaching two private classes a day. I paid no taxes or deductions. A taxi was W1000, dinner the same and the bus W360.

At the rates of the time, the base salary was just under $2700 a month and the privates worth an extra $1150. I was making just under $4k a month and had a free apartment. I had no problem living large and saving $3000 a month.

I haven't seen salaries in Korea go up much since then, certainly not anywhere near the increases of the cost of living there. With a reasonable job and a couple of privates you can make W3m now without killing yourself. That is still not bad. You can live fairly well and save $1000 a month.

But I teach private lessons in Vancouver for a minimum of $35 an hour and save more than that. I wonder how worth it is anymore.

[KoreanAmbition]

Is this a good example?

Seoul, Korea
Base salary 3,000,000 won per month is attainable.
Work overtime to earn 1,000,000 extra per month.
Total monthly salary is 4,000,000 won.
Total annual salary, (with severance) is 51,000,000 won.

Disposble Income = $50,000 CAD (pension incl.) and housing is FREE.



Toronto, Canada
Annual salary $90,000.
After income taxes, govt pension and EI, your net income is $62,000.
Mediocre Rent @ $1000 /month = $12000.

Disposable Income = $50,000 CAD and housing has been paid.


Living costs in Canada > Living costs in Korea.

University job in Korea = 3 months vacation (or more).
Job in Toronto gives 2 or 3 weeks of vacation.

Overview:

1) Good luck finding a job in Toronto that pays $90,000. They aren't handing them out on the street corners.

2) If you do get an analyst job at a bank that pays $90,000 or $100,000, you're working 80 hours a week minimum.

3) 1,000,000 won overtime is like 5-8 hours a week depending on the rate. Say 8 hours per week. So total maybe 40 or 45 hours a week of work and prep time?

4) Work the 60 to 80 hours in Korea that MUST be worked to earn $90,000 in Toronto as a near starting salary. How much OT would you earn in Korea and where would your salary be?


I think Korea is very worth it. But just my opinion.

[kimchipig]

[KoreanAmbition]

Kimchipig,

My wife and have MBA's and searching in Vancouver for jobs that pay $90,000 hasn't been something we are finding a lot of success in.

With regards to me not listing deductions for the Korean job example, the reason is because my employer will match pension deductions, which in essence will cover the taxes and medical insurance that I have to pay. Although I get it back when I finally leave Korea, I just count that I get it back and therefore count it into the salary.

Now, with all your comments, I have to say, I do agree with a fair bit. We do want to return to Canada after Asia, and we are thinking of setting up shop in Vancouver.

However, for us, the goal is to be located within Asia because we are there for international business purposes. We are there to learn markets, save capital, and be around opportunities. In a few years (or less) we'll go into China and really make a push into developing entrepreneurial ventures that we have planned.

If we are lucky enough to get sustainable operations in order, then we'll start planning to relocate possibly to Vancouver and deal with things on an international level.


Would you mind telling me a bit about your experiences teaching English in Vancouver? I'm not a teacher, so I'm not sure if I can do what you're able to.

Anyways, I also sent you a PM. I'd be interested to hear some of your opinions on what I wrote.

Thanks for sharing your opinions,
Cheers.

[Cheonmunka]

I am not so sure that there is a recession or tightening on the way in Korea. However, I've noticed that the deposit interest rates have crept up from five to seven percent in the last year.
I've only heard good prospects for Korea for the next few years from economists.
I haven't heard anything like that when it comes to NZ, which is very similar to Canada and Aus's historic rates of exchange and interest rates. The present message from NZ is doom and gloom - yet, at present like Canada the exchange is way up and out of the ordinary with every dealer in the World escaping the USD and throwing their carry trade deposits in for the near 10% interest.
But, NZ has 50% of businesses predicting a recession. How about Canada?

It seems Korea might be playing a middle ground. I'll trickle my KRW over bit by bit but not all at once.

[kimchipig]

[Yu_Bum_suk]

My annual salary has gone down around $6,000Cdn in the past year.