Korean Job Discussion Forums

[MANDRL]

The won is plummeting right now, what the hell. Are there any smart econ people on here with any optimistic insight? I am obsessed with xe.com lately, constantly refreshing the page to see my salary decrease.

1.00 USD = 1,278.88 KRW

United States Dollars South Korea Won
1 USD = 1,278.88 KRW 1 KRW = 0.000781936 USD

[Brendon Carr]

Three-quarters of my clients pay in US Dollars. I've got one who's sat on an invoice for $100,000 -- when it was issued the Won was below 1000, when it gets paid the Won may be over 1300. Good times.

[Czarjorge]

It's my first week in Korea and I brought money from home to convert once I arrived. I've swapped a couple hundred but now I'm in the same boat. I was going to go get more today, but instead I'm trying to decide if I shouldn't hold out and see how much won I can get for my US currency.

I hope things reverse in 6-8 weeks when I need to send money home.

[Ya-ta Boy]

At 10:50am, the exchange rate is W1262.00, a drop of W38.50 from last week.

[travelingfool]

As of right now if you make 2 million your salary in USD is $1585 a month:(

If you have 30 contact hours plus 10 hours for office hours, grading homework, planning, etc, you are essentially making less than $10 an hour:( Well, more if you factor in the apartment of course, but still, not exactly stellar.

[xCustomx]

[VanIslander]

[PeteJB]

You should be old enough now to realize hitting the refresh is bad for your health!

[sojourner1]

Dang, 2.5m Won is worth less than $2000! That blows big wanking donkey winkies. I sure hope things improve, because this could mean getting $6000 to $10,000 less for the year depite having about a 9m Won increase in pay this year. Despite my 9m won pay increase this year, I'm making less in US$ than last year.

I sure hope things turn around by next June. I'm just so eager to start winning financially in this lifetime like how they did during the 20th century after WW2.

[Zutronius]

Ouch. Soon I won't be able to afford the vasoline I need to deal with the won kicking my ass.

[gangpae]

The red line is approaching. China and her fixed currency are looking mighty inviting right now.

[Teachurrrr]

US Dollar to Korean Won Rate (from Jan. to Dec. annually):
2001: 1279 to 1313 won
2002: 1317 to 1197 won
2003: 1190 to 1192 won
2004: 1195 to 1041 won
2005: 1038 to 1010 won
2006: 1003 to 930 won
2007: 925 to 935 won
2008: 935 to 1212 won

Huge fluctuations (Welcome back to 2002)
-----------------------------------------------------------------------
US Dollar to Taiwanese Dollar Rate (Average annually):
2001: 33 tw dollars
2002: 35 tw dollars
2003: 34 tw dollars
2004: 32 tw dollars
2005: 33 tw dollars
2006: 33 tw dollars
2007: 32 tw dollars
2008: 32 tw dollars

Tiny fluctuations (Including 2008)
-------------------------------------------------------------------------
US Dollar to Japanese Yen Rate (from Jan. to Dec. annually)
2001: 117 to 128 yen
2002: 133 to 122 yen
2003: 119 to 108 yen
2004: 106 to 104 yen
2005: 103 to 118 yen
2006: 116 to 117 yen
2007: 120 to 113 yen
2008: 108 to 106 yen

Mild Fluctuations (especially in 2008)
--------------------------------------------------------------------------
(Sources: www.x-rates.com and yahoo financial)

Today 10/06/2008, 1 US Dollar equals 1221 won. My earnings at my high school (including after-school classes at the school) after all deductions usually comes to 3,000,000 won.

3,000,000 won = 2,457 US dollars
(2,000,000 won = 1,638 US dollars)

I few months ago, I saw this advertisement on Dave's:
-------------------------------------------------------------------------------
Elementary School in Taiwan Needs Teachers ASAP
Posted By: Elementary School in Taiwan <[email protected]>
Date: Friday, 22 August 2008, at 10:18 a.m.
Our school is a Catholic Elementary school located in Keelung city, 20 km to Taipei city. There are around 4,500 x students and 18 foreign English teachers in our school. We provide a free dormitory of single room with full furnished apartment for foreign teachers.
Keelung is a water front city of around 700,000 of population with a beautiful coast line and beaches for tourists. It's very close and handy to Taipei.
The salary and benefits as followings:
School Start Date: ASAP
1. Monthly salary NT$75,000-78,000
2. 10 days winter holiday pay.
3. Free airport pick-up
4. Airfare reimbursement (up to NT$15,000)
5. Free dormitory and free lunch
6. Work Permit /ARC provided
7. National Heath Insurance (Dental Care included)
8. Full time job for 10 months contract ,Mon-Fri .Less 25 teaching hours per week.
Pls send your resume with the photocopies of degree, passport, teacher certificate (certified teacher document) to Teacher Manager ,
E-mail: [email protected]
---------------------------------------------------------------------------------

They offered a dormitory for free and a salary of roughly 78,000 TW dollars. Currently 78,000 TW dollars equals US $2,413.

Hmmm... $2,457 in Korea or 2,413 in Taiwan (plus possible extra classes).

From 2001 to 2003, the rate stayed between 1200 to 1300 won to the U.S. Dollar. Honestly, if rates don't improve in the next 5 months, jumping ship is sounding better and making Taiwan look better.

I think most of us (to varying degrees of comfort) put up with enough already without having to worry about money in Korea.

Why is it Korea's currency fluctuates to high heaven while other industralized countries in East Asia do not seem so downtrodden by the dollar?

Answer: Korea

[egrog1717]

All the sparkling distracts investors...

[Davew125]

I've read in a few places that the korean government were plannig to inject and fat lump of money into the markets during October to try and bolster the economy, if only for a short while. Anyone know if this is just a rumour or are we all screwed for the time being?

[bassexpander]