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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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 Posted: Thu Mar 04, 2004 8:35 am Post subject: 30 million won 80 percent income |
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Korean households had an average debt of 30 million won last year. As 30 million won is over 80 percent of the average annual income of urban workers in 2003, experts believe it is a major stumbling block to consumption recovery.
http://english.donga.com/srv/service.php3?biid=2004030522368
30 million won is over 80 percent of the average annual income of urban workers
Did most Koreans graduate from internationally ranked universities? Do Koreans value education from a North American (or western) university? Do most Koreans earn more than foreigners educated in western universities? Do Koreans have more job security and benefits than foreigners? |
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batman
Joined: 24 Jan 2003
Location: Oh so close to where I want to be
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| Posted: Thu Mar 04, 2004 3:19 pm Post subject: |
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Does this figure include mortgage, car loans, and credit cards? If so, then the amount is not so outrageous (of course it depends on the interest rates being charged and the length of the term of repayment).
I question the "30 million is over 80%..." part.
I thought the average yearly income in Korea was about 11 million won.
Perhaps another stumbling block to the recovery of consumer spending is the fact that the stores of Korea are poorly stocked with a limited selection of inferior products at outrageous prices. |
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weatherman
Joined: 14 Jan 2003
Location: Korea
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| Posted: Thu Mar 04, 2004 7:52 pm Post subject: Re: 30 million won 80 percent income |
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| Real Reality wrote: |
Korean households had an average debt of 30 million won last year. As 30 million won is over 80 percent of the average annual income of urban workers in 2003, experts believe it is a major stumbling block to consumption recovery.
http://english.donga.com/srv/service.php3?biid=2004030522368
30 million won is over 80 percent of the average annual income of urban workers
Did most Koreans graduate from internationally ranked universities? Do Koreans value education from a North American (or western) university? Do most Koreans earn more than foreigners educated in western universities? Do Koreans have more job security and benefits than foreigners? |
I hear you. We get paid shit compaired to our Korean colleagues. It doesn't even have to be eaual, only bit better than it is now for us..... |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Fri Mar 05, 2004 3:40 am Post subject: Re: 30 million won 80 percent income |
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| weatherman wrote: |
I hear you. We get paid *beep* compaired to our Korean colleagues. It doesn't even have to be eaual, only bit better than it is now for us..... |
Actually our "Korean colleagues" are the hakwon teachers who work alongside us. How many of them get 2 million won a month. What RR is doing here is comparing apples and oranges. You can't compare a factory worker to a lawyer, likewise you can't compare an "urban worker" to a foreign teacher. To get a fair comparision you must compare teachers to teachers and "urban workers" to "urban workers"
But let's use RR's flawed comparisions for just a moment here. These workers work far longer hours than we do. 40 or more hours compared to our 30 or less. They do NOT get our free housing. They do not get free airfare to and from their home countries. And foreign teachers can even the playing field in a number of ways. a) they can take a job at a corporation. b) they can do privates c) they can take on two jobs...and the list goes on. You just have to be creative.
Finally it says "household income" Many households if not most have DUAL INCOMES (two people working), a fact RR convienently enough neglected to post. Maybe because it destroys his point that he is trying to make. |
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