Korean Job Discussion Forums

[ManintheMiddle]

Teaching salaries in Korea are slipping fast. As I recall, there were about 1,020 KRW to 1 USD in the summer of 2006. It is now hovering around 1,410 KRW. That's a huge devaluation by any standard, and most of it has occurred in the past four months.

Curious to know who's been able to weather this financial storm by receiving either a re-signing bonus or higher salary to compensate for the rising cost-of-living.

Even more curious to know who's thinking of leaving on this concern alone.

Still more curious to know who is re-signing short-term in the slim hope that the KRW will rebound long enough for them to recoup their losses before skipping town.

Not to gloat, but I transferred 95% of my savings from Korean Banks in May and feel very fortunate that I did. I saw the writing on the wall--both with the subprime mortage crisis in the U.S. and Korean trade.

[moosehead]

it's only slightly lower now than it was when I came over in 2003 so in that light, I was making more for a while, now I'm back to where I was, but adjusting for inflation, of course it's less

I'm on my last contract will be leaving for good next year may or june - so will just take the losses and ride it out - no sense in making a jump now it's not worth it

if I just arrived, I'd definitely look elsewhere tho, Vietnam or Taiwan, anywhere but here.

[BS.Dos.]

Personally, it's a fucking nightmare. Consider my outgoings at the moment:

1.I'm still trying to pay off my credit card bill after an expensive month long trip home (that's rip-off Britain to you and me) in August. About �1200 ($2000ish) still to pay.
2.I've got to book a flight to NYC next payday for a trip to see my GF in January. Looking at around �600 for that.
3. On top of that, I'll obviously need at least another �1000 spending money.
4. I'm getting engaged when I'm out there, so will need to invest in a ring. Hopefully I can get something half decent for around �500.
5. Christmas just around the corner. Gifts for family back home. At least another �250.
6. Monthly Masters fees - (roughly) �250 per month.

My basic is 2.4. I clear about 2.2. This used to work out to about �1100 per month. It's now about �950.

I need privates, fast and on heavy rotation.

[sojourner1]

Just waiting it out....

You said 1020 won to the dollar in Summer 2006? It was as good as 940 Won 3 months ago! Last year was a consistent 950 to 1000 to the dollar which was reasonable. What's happening now is total nonsense, but time can only change that. I'd be damned if it's tanking out even lower well into next year.

[Tobias]

[buymybook]

I suggest you ask the kprrok...
http://forums.eslcafe.com/korea/viewtopic.php?t=136961

Whoever "it" thinks "it" is, knows much and/or is too bored with the fact(s). It's probable got a MOMMY/POPPY fund(s), so the X/change rate isn't important to IT.

[johnny_larue]

The Canadian dollar is falling as fast as the won, so I am actually pretty good to pay off my credit cards.

[Mr. Pink]

[marlow]

[Spagett]

It's strange this situation is happening just as I decided I wanted to teach in K

Is there as much potential for savings to be made in China or elsewhere?

[traxxe]

Binge drinking. It helps me cope.

[bassexpander]

I wait for the won to get close to 1,400, then I take out an ATM withdrawl. Been doing that for a few weeks. I have to bring money here from the US soon, so may as well do it while the rates are good for me to do so.

Who, during the IMF crisis, would have predicted the won would have gone back down to 950 per dollar ten years later? There were probably armchair financial experts heralding the end of the Korean gov't back then.

I'm here for the long haul, so I intend to make money off of this.

It will bounce back some day.

[poet13]

Buy won, buy won, buy won, buy won, buy won, buy won, buy won, buy won....just buy buy buy buy buy buy buy buy woo hooooooo!

[jkelly80]

BY TYPING IN ALL CAPS!!! IT'S THERAPEUTIC!

[Tobias]

How to deal with it?

Don't worry about it. Certainly don't agonize over it to point you're losing sleep. It ain't worth it, and you can't do anything about it anyway. Just focus on those in places like Cambodia where people make a hundred dollars a month teaching. That'll raise your spirits.

This recession will last for about a year for designated winners. For designated losers, well, you'll be feeling the pain for about 50% longer, as you usually do. That's why you're the designated losers, after all. Somebody has to feel more pain than he should be feeling.