Korean Job Discussion Forums

justin moffatt · Joined: 29 Aug 2006

Granted, the cost of living in Seoul has been rated as the top 3 most expensive in the world (with few perks and benefits), however, the rent costs has been continuing to skyrocket (while housing prices decline), food prices have gone way up (both in restaurants and supermarkets), while salaries decrease (both in University jobs and corporate ones). Now this may be a global trend of what is to come, but honestly how can a (foreigner) family survive here? Let alone the Korean resident whose company is laying off 10-30% of their workforce (regardless of monetary support from their families).

Many jobs no longer offer housing (or ridiculous low stipends), and at the current rental rates, how can you afford to pay your rent, eat, have some sort of livelihood, pay your bills back home (and/or save for future education), and have a family?

I am just waiting for the backlash that often occurs in many countries when citizens start losing jobs and start scapegoating the "immigrant" population.

Methinks 2009 will be a scary time to live in Seoul . . .

Join Me · Joined: 14 Jan 2008

Personally, glad I saved my money the last few years. I have met several Koreans lately that have had to come back from living abroad (for extended periods) as the result of the current economic situation and lost jobs. I don't want to believe it but I think the next couple years could prove to be rough ones. That isn't so bad if you are Korean and have a family and a home to return to no matter what age you are, but I am bit concerned about the rest of us who don't have this luxury.

jurassic82 · Joined: 21 Jun 2006 Location: Somewhere!!!!

I have to say your post is one of the craziest I have read in a long time. I have been in Korea for 2 and a half years now and I am going to admit prices have gone up but not that much. I don't know a single teaching job that doesn't offer housing. As for the average pay I haven't seen it go down. Maybe you are talking about the exchange rate and if so you are right. If you are the average foriegner over here you are not going to be pinching pennys. The exchange rate might be bad but you can still save money and have a blast at the same time. I eat out all the time with coworkers and spend a lot of my time downtown. I'm still able to save. My pay isn't extravegant either. It's the average for any other foreign English teacher in Korea. Everyone who reads this post please ignore it. Things are not that bad. Very Happy

justin moffatt · Joined: 29 Aug 2006

Jurassic82:

Based on the numerous reports on Dave's, colleagues and expats in the ESL and business-related industries, posted jobs on various websites: I seriously beg to differ. Perhaps you were fortunate to land a cushy job with stability and housing . . . Perhaps GPEIK, and some smaller hogwons provide housing but look at the emerging trend for larger hogwons, corporate companies, and Universities. Part time corporate positions are far and few between, at lower and lower rates.

Furthermore, numerous threads have been popping up on the increase in the rental costs in Seoul, not to mention price increases at supermarkets and restaurants. Not a HUGE increase mind you, but a definite noticeable one.

I suppose it depends on your objective here in Korea (especially in the savings department), and what responsibilities you may or may not have. . .

Faunaki · Joined: 15 Jun 2007

If you live like an average 50 something ajumma, you'll be fine. That means making your own meals, shopping at outdoor markets, saving every cent, working like a madman, turning off the heat, showering in cold water, no AC, making your own booze, no Costco or E-mart.

It can be done. I know cause I live with one. We save loads of cash.

Colorado · Posted: Sun Dec 28, 2008 4:40 pm Post subject:

Real Reality · Joined: 10 Jan 2003 Location: Seoul

Scotticus · Joined: 18 Mar 2007

This is just another doomsday thread. Move along, nothing to see here.

Zutronius · Joined: 16 Apr 2007 Location: Suncheon

The sky is falling?

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

Wife and I were eating at Outback the other day. The Alice Springs chicken dinner used to be 12,900 a few years ago. It's now 16,900.

They also added an automatic 10% gratuity as of November. That's another 3,000 to 4,000 won for an average 2-person meal there.

We used to get 2 meals and a desert there. Now we just get one meal, a side salad, and two waters and share. The sides went up another 1,000 to 1,500 each as well.

Ukon · Joined: 29 Jan 2008

I will agree...the standard live like a king on a 2.0 salary days are over if you wanna save 1k a month....

Zutronius · Joined: 16 Apr 2007 Location: Suncheon

I'm still able to live pretty well off of 750,000 Won a month still. Then again I'm also not living in Seoul.

justin moffatt · Joined: 29 Aug 2006

Bassexpander:

My point exactly. Famly restaurants are boosting up their prices. Even some our regular Korean restaurants are following suit.

No doom and gloom here. Just attempting to figure out if others are having the same experience.

Making alcohol at home, no Costco, no AC, no hot water. . . Yikes . . .

Faunaki · Joined: 15 Jun 2007

^ It ain't so bad if you are saving like a madman or else paying off a house. Then it makes sense. If not, there's no point and it's better to go somewhere else.

And yah, Seoul is damn expensive. I wanted to buy a pair of nice leather boots yesterday. The least expensive pair I could find were 220,000. Prices in Canada are around 140,000. Not cool.

Everything except eating out at a Korean restaurant is just too pricey.

ChinaBoy · Joined: 17 Feb 2007