Korean Job Discussion Forums

[VanIslander]

1. less teachers will re-sign and less newbies will be attracted

2. inflation will increase as imports become more expensive

3. there will then be an upward pressure on wages to ensure a supply of teachers (alternatives will be sought, average positions may suffer, but top end experience will still be rewarded, always in demand, just more so)

4. with no need to convert currency, longtimers can ask for raises in pay, continue to save won and wait for the cyclical fluctuations to occur (koreans aren't gonna stop being industrious, they'll work themselves out of this crisis)

5. the devaluation of the won is actually an incentive to save won, to NOT convert to dollars, to cutback in the short term on holidays abroad and spending

so...

As an individual teacher looking at working here for a longer term and considering changing employers next spring, the devaluation of the won only helps my chances of getting a higher base pay and at least more employment options.

You'd have to be an irrational doom and gloomer to think the sky is falling for us long termers.

[Bigfeet]

Yep, people that don't need to convert won to dollars for the next few years will be in the best position to take advantage of this. Unfortunately, this is not true of most NETs here.

[Ruraljuror]

This may well be the case...assuming that long timers are crafty enough to refrain from mentioning this anywhere that newbies can read it...thus nullifying the potential drop in teachers re-signing and newbies being attracted.

[TexasPete]

I've been here four years and next year was to be my absolute last year. This downward spiral of the won has decimated those plans. This screws my plans up royally and if you think they're going to start offering higher wages, i think you've got a screw or two loose. Personally i'm thinking of skipping town to Japan next year, leaving my money in a 10% interest account through the post office and coming back to claim it when the won is better though the 10% means keeping it here a minimum of one year. Come to think of it, anyone with foreign currency would be wise to start buying up the won and investing it in those accounts. It's bound to get better at some point and with a guaranteed 10% return on investment, that's not too bad.

[VanIslander]

[TexasPete]

Sure, i could go to a hogwan and make more money, but i'd be working more hours and have less vacation and in reality, i'd be making less per hour.

[pocariboy73]

[TexasPete]

[poet13]

10%. I would love to know about that. Don't Korean Post Offices ahve banks attached to them?

[blaseblasphemener]

Most banks offer 5.5% annually.

I bet the Post Office is for 2 years, 10% after two years.

[kiknkorea]

I think it may actually help the teaching industry in that the ones that don't like Korea will have their excuse to get out, while the ones who have a passion for teaching and do appreciate Korea and it's culture will be more inclined to stay. Yes, I like money as much as the next westerner but I see so many here that aren't into teaching and don't care for Korea. This situation should make everyone think about where they really want to be and not just take the most money.

[broken76]

10% sounds a bit high on a one year deal. Standard banks offer around 5% while an investment bank will be higher around 7%, and these would be for one year deposits.
Korean banks are also insured for up to 50million won so if you got dollars to change now is a great time to change to won and put it in a high interest account.
If the won goes back to the standard of about 1000 won / $1, you've potentially made a 50% of your initial deposit in a year. If worse comes to worse and the currency stays the same you've made around 7%.
Realistically every government wants to stabilize the market but investors are screwing things up. If you read the news Korean conglomerates are currently refusing to change their dollars into won and investors are buying whatever dollars are available. It's a balloon market and will eventually burst returning things to the way they were before.

[poet13]

And now this is the time for us to take advantage of that.

[DCJames]

I've been here for a while and I'm leaving when my contract is up in February.

Even though the US economy is tanking, I feel much better being close to family and friends back home.

To the OP: You seem to be a very optimistic person about the Korean economy. I wish you the best.

[Omkara]

Any predictions on the won's recovery? Do you think we'll see an improvement this spring? A significant improvement before next summer?

My hunch is that we'll see some improvement in mid to late winter, but it's all a matter of how much that improvement is. . .