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Firearcher
Joined: 22 Dec 2007
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 Posted: Tue Oct 07, 2008 7:08 pm Post subject: The TANKING KOREAN WON! |
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Has anybody noticed the tanking won? In the summer of 2007, 2,000,000 Won bought you about $2,450 USD.
Now it buys you $1512 USD on today's exchange. This fact coupled with the grueling Visa regulations are making Korea a much less attractive place to work. Unless salaries increase, there is little reason to work here than many other countries and given the global economic crisis that doesn't seem likely.
Either the Visa regs or the bad exchange needs to go. It is increasingly becoming less attractive to teach in Korea. |
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hari seldon
Joined: 05 Dec 2004
Location: Incheon
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| Posted: Tue Oct 07, 2008 7:15 pm Post subject: Re: The TANKING KOREAN WON! |
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| Firearcher wrote: |
Has anybody noticed the tanking won? In the summer of 2007, 2,000,000 Won bought you about $2,450 USD.
Now it buys you $1512 USD on today's exchange. This fact coupled with the grueling Visa regulations are making Korea a much less attractive place to work. Unless salaries increase, there is little reason to work here than many other countries and given the global economic crisis that doesn't seem likely.
Either the Visa regs or the bad exchange needs to go. It is increasingly becoming less attractive to teach in Korea. |
The won of late is the weakest major currency in Asia. The experts are saying it will drop to 1400 per $1 U.S.
The solution is simple: when you negotiate your next contract, demand more money. |
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Dodgy Al
Joined: 15 May 2004
Location: Seoul
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Firearcher
Joined: 22 Dec 2007
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| Posted: Tue Oct 07, 2008 7:20 pm Post subject: |
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True - But its a double edged sword.
With the global crisis its more difficult for them to pay more.
The attraction to coming to Korea was the $$$$$ and benefits. Now the money is actually worse than some other countries and the Visa regs a real hassle for many people. So aside from a few perks there is really no huge advantage to choosing Korea in my opinion. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Oct 07, 2008 7:34 pm Post subject: |
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| Firearcher wrote: |
True - But its a double edged sword.
With the global crisis its more difficult for them to pay more.
The attraction to coming to Korea was the $$$$$ and benefits. Now the money is actually worse than some other countries and the Visa regs a real hassle for many people. So aside from a few perks there is really no huge advantage to choosing Korea in my opinion. |
LOL....
With the exasperating and difficult to comply with visa regulations, tanking currency, airfare often no longer prepaid and difficult management we have to deal with, there is NO GOOD REASON to come to Korea at the moment.
For an average wage of $1500 (or less at current exchange rates) it would make more sense to head for a tropical place instead of bearing the winter here. |
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hari seldon
Joined: 05 Dec 2004
Location: Incheon
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| Posted: Tue Oct 07, 2008 7:38 pm Post subject: |
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| Firearcher wrote: |
True - But its a double edged sword.
With the global crisis its more difficult for them to pay more... |
Most NETs measure the value of thir paychecks in their native currency because they have obligations to pay in dollars, euros, etc. It doesn't make sense to come to Korea if they can't make their student loan payments.
The demand for English education in Korea is relatively inelastic. That means that an economic downturn will have relatively little impact on enrollments. Parents won't economize on their children's education. They'll find other ways to economize.
We'll see some school owners going bankrupt, but in most cases it won't be due to declining enrollments. Instead, it will be caused by them being highly leveraged and owning multiple stressed businesses.
Last edited by hari seldon on Tue Oct 07, 2008 7:43 pm; edited 1 time in total |
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Lostone7
Joined: 08 Jun 2006
Location: SE Asia
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| Posted: Tue Oct 07, 2008 7:41 pm Post subject: |
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| ttompatz wrote: |
| Firearcher wrote: |
True - But its a double edged sword.
With the global crisis its more difficult for them to pay more.
The attraction to coming to Korea was the $$$$$ and benefits. Now the money is actually worse than some other countries and the Visa regs a real hassle for many people. So aside from a few perks there is really no huge advantage to choosing Korea in my opinion. |
LOL....
With the exasperating and difficult to comply with visa regulations, tanking currency, airfare often no longer prepaid and difficult management we have to deal with, there is NO GOOD REASON to come to Korea at the moment.
For an average wage of $1500 (or less at current exchange rates) it would make more sense to head for a tropical place instead of bearing the winter here. |
ttompatz you been here a long while  I have been her only 4yrs.
and only 3mths into my 5th.
But, I decided this was my last year! However, with the won going down and crap going up (vacation was stripped) I been thinking about ........heading out early.
Was wondering what the old timers where thinking? |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Tue Oct 07, 2008 7:44 pm Post subject: |
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| Inflation here is getting crazy. If prices for some things haven't gone up, just wait. It's like it's inevitable. I might ask for a raise. |
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fromtheuk
Joined: 31 Mar 2007
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| Posted: Tue Oct 07, 2008 8:27 pm Post subject: |
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I remember in 2007, 2 million won was worth around 1,050 British pounds, I just checked it now and it is worth around 836 pounds. It's dropped a lot.
If this stays this way, it's true working here is less worth it than before. The free apartment is good though. |
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asylum seeker
Joined: 22 Jul 2007
Location: On your computer screen.
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| Posted: Tue Oct 07, 2008 8:40 pm Post subject: |
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| Japan is going to start looking more attractive if the yen holds its value. |
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marlow
Joined: 06 Feb 2005
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| Posted: Tue Oct 07, 2008 8:45 pm Post subject: |
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| ttompatz wrote: |
With the exasperating and difficult to comply with visa regulations, tanking currency, airfare often no longer prepaid and difficult management we have to deal with, there is NO GOOD REASON to come to Korea at the moment.
For an average wage of $1500 (or less at current exchange rates) it would make more sense to head for a tropical place instead of bearing the winter here. |
Right. Spend the winter in Thailand and come here next year if the won is better; if it's not, nothing is missed. If a person likes the cold, try Japan. At least the yen seems stable right now. |
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hagwonnewbie
Joined: 09 Feb 2007
Location: Asia
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| Posted: Tue Oct 07, 2008 10:14 pm Post subject: |
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Seems like there was more outrage about the new E-2 regulations.
People complained more about a 50 dollar background check and a 70 dollar medical exam than they have about losing 10 thousand dollars of annual savings. Go figure........ |
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hari seldon
Joined: 05 Dec 2004
Location: Incheon
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SeoulFinn
Joined: 27 Feb 2006
Location: 1h from Seoul
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| Posted: Tue Oct 07, 2008 11:07 pm Post subject: |
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The first time I came to Korea (2001) the Euro - KRW exchange rate was around 1200. Today it's 1892 Won per Euro! I wonder how low the won will go.
I'm considering about buying Apple Mac Pro, which costs 2500 Euro here in Finland. With the current exchange rate I could fly to Korea and buy that computer and still save some money! |
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linton
Joined: 20 Jun 2006
Location: Seoul
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| Posted: Wed Oct 08, 2008 12:09 am Post subject: |
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| The fast falling Won has me worried. |
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