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Korean Job Discussion Forums
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louiloui
Joined: 14 Oct 2008
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 Posted: Mon Nov 17, 2008 8:57 pm Post subject: |
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| mountainous wrote: |
| bassexpander wrote: |
To put things into perspective, about 6 months ago, a newbie making 2,200,000 won per month was grossing about $2,315 US per month. Now, that same newbie at that same income is making about $1,555 US per month.
That's a pretty huge cut in pay. Given cost of living, I think someone had better have a nice stash of privates going to easily bank $1,000 per month after increased cost of living expenses here.
Things are pretty sucky for a newbie right now. No use sugar-coating it. |
..agree with all this, plus add the high risk that you will NOT get paid all of the promised Korean salary. So, 2,200,000.00 KRW= 1,539.431 USD. The average pay is 2.0 million won = 1,398.07354 USD.
After taxes, that figure drops closer to $1,000/month, enough to live on comfortably. IMO, a teacher should have a few thousand USD saved in the bank in case that the job falls through, you don't get paid, or it completely sucks for some other reason.
A big misconception that newbies have about private lessons is that you can teach private lessons as time provides and all you need to do is sign up...nothing could be farther from the truth. The clientele that demands home tutoring will not seek you out on the streets of Itaewon or in the subway station. The more that you try to "connect" with people through any form of advertising, the greater risk you run of getting deported.
It must be very difficult to draft new teachers to come to Korea... |
your avatar is too big. |
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Ramen
Joined: 15 Apr 2008
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| Posted: Mon Nov 17, 2008 8:59 pm Post subject: Re: THE korean bubble has burst! good times over |
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| corporate wrote: |
korean economy crashes, currency devalues 50% overnight
koreans in recession, which means households will not pay for privates, they are broke!
and to all you bros working in Korea now, doing your split shift and privates, ask yourself, why am i working for peanuts? guess what? you ARE!
the bubble has burst just like the internet bubble did in the US many years ago, at 1400 won to 1 buck, better off working in thailand.
have fun! |
What?!  |
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roknroll
Joined: 29 Dec 2007
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| Posted: Mon Nov 17, 2008 9:02 pm Post subject: |
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| the bubble has burst just like the internet bubble did in the US many years ago |
 guess you mean the dot com bubble, the internet is still the rave and wave of the future
like English Matt mentioned, not the same severity for non-americans
agree with bass about newbies, but again not as much of a decline for non-americans.....it's the reserve currency status of the US buck that's caused it to increase so much under this financial fiasco....
will have to wait to see how much domestic consumption drops, doubt there will be much effect overall...ie small players may bow out but the industry won't collapse like the OP's 'confidence' |
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English Matt
Joined: 12 Oct 2008
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| Posted: Mon Nov 17, 2008 9:40 pm Post subject: |
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I've noticed the won has slipped another 3% against the pound today. However looks like the pound may be joining us in the dive for the bottom
http://www.telegraph.co.uk/finance/economics/3473846/Pound-could-shrink-to-1.28-currency-expert-warns.html
Pound could shrink to $1.28, currency expert warns
The pound has much further to fall against both the dollar and the euro, a City currency expert has warned, despite Monday's modest recovery.
By Angela Monaghan
Last Updated: 7:08PM GMT 17 Nov 2008
Sterling could drop to $1.28, its lowest level since 1985, and to 92p per euro in early 2009, according to Paul Meggyesi, a currency strategist at JP Morgan.
"The UK may not be Iceland but the temperature is certainly dropping," he said in a note to clients. "We take an axe to our pound forecasts to reflect the risk of continued bank deleveraging." |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Mon Nov 17, 2008 10:15 pm Post subject: Re: you nigas talk shit |
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| corporate wrote: |
recession is a recession, and jimmy KIMS parent can't afford to pay for the private from a dirty brit or aussie, they will instead OPT for FREE privates from evangelists, yes, missionairys.
TROLL, let me get in a room with your ass and we will see wimp |
Not only are you wrong about the facts, but also threaning another poster physically.
/report
Let's hope the Op gets a quick /ban |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Tue Nov 18, 2008 2:56 am Post subject: |
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| sojourner1 wrote: |
The troll didn't skew my thinking nor ruffle my feathers. I already know the facts which are not that bad(yet).
We actually have realized a devaluation of 42% in 3.5 months since August. 1000 won to the dollar vs. 1415 Won to the dollar. This is a huge unreasable and irrational difference for such a short time. Korea is taking the 1st hit in this big downturn, becuase it's the little guy between a rock and a hard place. |
History lesson for you: Even during the Great Depression of the 1930s, the rich and middle class in Canada and the US still had a huge demand for maids (domestic servants). If they could find money for that, I would bet every last dollar, no matter what the situation in Korea, the rich and upper middle class will always have money for privates. |
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JFuller317
Joined: 10 Oct 2008
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| Posted: Tue Nov 18, 2008 2:58 am Post subject: |
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| mountainous wrote: |
..agree with all this, plus add the high risk that you will NOT get paid all of the promised Korean salary. So, 2,200,000.00 KRW= 1,539.431 USD. The average pay is 2.0 million won = 1,398.07354 USD.
After taxes, that figure drops closer to $1,000/month, enough to live on comfortably. |
Either you're getting royally ripped off, or my bosses aren't paying enough taxes. I make 2.3 million won a month, and my take-home pay after taxes and utilities is about 2.1 million. How the hell are you paying over 400,000 won a month in taxes? |
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fruitcake
Joined: 18 Apr 2004
Location: shinchon
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| Posted: Tue Nov 18, 2008 3:04 am Post subject: |
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| when did the good times begin anyway? did I miss something? |
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English Matt
Joined: 12 Oct 2008
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| Posted: Tue Nov 18, 2008 3:31 am Post subject: |
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| fruitcake wrote: |
| when did the good times begin anyway? did I miss something? |
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Tommy
Joined: 24 Aug 2005
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| Posted: Tue Nov 18, 2008 7:09 am Post subject: |
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| bassexpander wrote: |
| To put things into perspective, about 6 months ago, a newbie making 2,200,000 won per month was grossing about $2,315 US per month. Now, that same newbie at that same income is making about $1,555 US per month. |
Y'know I started thinking about this... around 2005~06 I was making 2.1, and this would turn into ~2350 CAD. I just got a job offer to begin work end of December, paying 2.6 and this will turn into ~2200 CAD! Dammmmn... I was pretty excited about that 2.6, but after the exchange I'm actually taking a pay cut! |
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Lola
Joined: 17 Jun 2007
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| Posted: Sat Nov 22, 2008 7:20 pm Post subject: |
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Yeah, but think of the pay cut you'd be taking if you hadn't gotten that raise!
I hear you though...the exchange rate hurts. I am lucky that my school pays half my salary in USD. It's shielded me from a lot of the damage. |
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kiknkorea
Joined: 16 May 2008
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| Posted: Sat Nov 22, 2008 11:04 pm Post subject: |
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| Lola wrote: |
| I hear you though...the exchange rate hurts. I am lucky that my school pays half my salary in USD. It's shielded me from a lot of the damage. |
Shrewd |
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sojusucks
Joined: 31 May 2008
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| Posted: Sun Nov 23, 2008 9:11 am Post subject: |
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I keep reading about stagflation in the Korean newspapers.
I don't think that it is time to bail quite yet. The economy is definitely muc h weaker. When Korea's credit rating is lowered substantially and the exchange rate drops against their benchmark currency (i.e. 1700:1 USD), then we all should consider working elsewhere. Why? Because those are two of the three to four main things that preceeded the IMF crisis in Korea. |
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Juregen
Joined: 30 May 2006
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| Posted: Sun Nov 23, 2008 8:14 pm Post subject: |
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| bassexpander wrote: |
| VanIslander wrote: |
| the dumbest move an ESLer in Korea could do right now is cash out their won and head back home |
I agree, but the majority of people here are not long-timers like us. They are here for a year (probably less, given averages) to make money for college loans, which they have to send money for monthly.
Under these terms, a newbie is somewhat forced to send money home at a pretty gawd-awful exchange rate.
On another note, I'd like to think things will improve soon, but I'm not expecting that to happen for at least another 2 years. |
The question is, are their jobs for BA's in America that pay more then 1.000$ for someone just out of University?
I do believe that Korea atm is doing a "Beg Thy Neighbour" strategy with their currency. |
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Juregen
Joined: 30 May 2006
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| Posted: Sun Nov 23, 2008 8:33 pm Post subject: |
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| Bradley Daiquiri wrote: |
| Quote: |
| To put things into perspective, about 6 months ago, a newbie making 2,200,000 won per month was grossing about $2,315 US per month. Now, that same newbie at that same income is making about $1,555 US per month. |
I've been doing the math and my salary is down about a 1000$. Considering that no bosses are considering paying more to offset the weak won, poor job postings, and the inflation of almost all goods, it really isn't as sweet as it used to be.
Also have you taken a look at the job posts lately. 2.3 for most jobs. Even for 3rd year teachers it is hard to find the 2.6-2.7 jobs one would expect for experience. A funny thing too is that they dont want to hire you becuase you are too expensive. I've actually seen job posts that want inexperience.
For myself i think I will take some time out. head back to school. And see if things go back to the 935W to the dollar when i got here in summer of 2007. So i guess i'll see you in 2 years. |
Hagwons do not get paid in dollars ....
and the governement is cracking down on price hikes in tuition fees.
So it's pretty hard convincing a hagwon to increase wage because there is a temporal inbalance between currencies. |
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