Korean Job Discussion Forums

[Sofa_King]

This summer, I returned to Korea after a 5 year absence to work at a summer camp. I had lived in Korea for 2 years, from 2004-2006. After teaching in Korea, I left and taught for a year in Shanghai.

The experience this summer was great. I loved strolling down memory lane, eating and wandering around the streets that I used to call home. I love Korea and Korean people, and felt blessed to have returned.

This summer was great, and I am glad to have had such a great opportunity. However, I quickly discovered that Korea has become much more expensive, while the wage for foreign English teachers has remained stagnet. I noticed that a simple meal of Soondobu Jiggae rose from 3000 won to 5000 won, kimbab up 1000 won, and Galbi up 5000 won. Norebangs are 5000 won more. In addition, the price to get a visa was incredible. Paying for criminal record checks and apostiled documents was a cost that I did not expect. Rent, from what I understand, has shot up. Subways and taxis cost more. Clothes cost more. Everything has increased in price�.however, foreign English teachers wages have remained pretty much the same as it was in 2004.

It makes me think that if I had come to Korea now as a Newbie, I would have left after a year. In 2004-2006, I was able to completely pay off my student loans plus travel to other countries in Asia. My goal as a newbie was to do just that, pay off loans and travel. However, if a newbie came to Korea now, they would have great difficulties doing so.

Don�t take this as a slight against Korea. I love it there. But, with the cost of living sky-rocketing while wages remain the same, it makes me wonder how the Korean English teacher pool is not crashing. I did state earlier that I taught in Shanghai, and I�ve notived that the wage for my old company has increased since 2007 due to the cost of living increase in Shanghai. If I was choosing to teach English in a foreign country for the first time, I think I would choose another place, because the cost of living is too much while the average wage has been the same since 2004.

[FastForward]

Teaching English in Korea will not crash anytime soon with the economy the way it is. Most people are just wanting a job. Even with the cost increases it is still cheaper than the United States. Taxi starts at 2400 Won...that is still pretty cheap. Subway rides for 900 won, pack of headache medicine for 1,800 won. Eating out is cheaper and you pay no tax and tip. Once it becomes more expensive than the country you are coming from then it will start to lose its appeal.

[thegadfly]

Sofa,

Prices rise everywhere, and I have to say you are overstating the increases -- kimbap rose 1000 won? So you used to get kimbap for 200-500 won a roll? I came here in 1996, and kimbap wasn't that cheap even then. It has been holding at 1000 won for many years, and recently rose to 1200-1500 won a roll...so a 200-500 won increase, depending on where you get it....which is 50% - 80% less than the rise you stated.

You got soon-do-bo chigae for 3000 won? It was that price in 1996, and for the last decade I have been paying between 4000 won and 4500 won -- so up to 5000 is a 500 won increase -- again, 25% of the rise you stated.

Galbi I won't dispute as clearly, as beef prices vary widely, depending on place, quality, and area. I know places to get beef galbi for 3900 won per portion, and I know of places that charge 20k or more per portion....but since I know places to get BEEF galbi under 4k a portion, gonna call BS on your 5k RISE on galbi...but for the record, the VARIATION in beef galbi prices, from restaurant to restaurant, is over 15k, so you MAY know a place that went from "cheap" to "upscale," and changed their prices to suit their new image.

Prices HAVE gone up. They have NOT gone up as much as you claim, and I am not even sure the prices going up has kept pace with the rising prices in my home country...would be surprised if they were rising faster than prices in YOUR home country....

[northway]

My take is that it's suited my needs very well, but that it wouldn't be a good long-term option. When I leave, I'll have lived very well for two and a half years while saving almost enough for a year of a masters program. Now, I realize I could have saved a lot more, but I'll leave at 26 with enough money to embark on my next step without sinking into crushing debt in order to do it. With an undergraduate degree in political science, I think I would have struggled to save this much even if I scrimped and saved had I stayed home.

[Ice Tea]

Certainly the exchange rate was a lot different in 2006. It was a gold rush. One could easily pay off loans back then. Now, it's like there's a 15% tax every time money is sent home. The drop in the value of the won has also lead to price increases. That's what happens when a country's GDP per capita drops from $20,000 to $17,000. He's right about inflation. I see it. Taxis went up in 2009. Pork and beef this year. The KTX nearly doubled in price.

I'm already committed to this place. I've got my F-5. But if I were a newbie, I'd go to China. That's where all the potential is now. The Yuan keeps going up and wages too. It's not unrealistic for someone with loans to do the China option now.

[Hotpants]

Prices have definitely gone up here over the past 5 years. A lot. I'd disagree about salaries not increasing, though. There were a lot of sub 2 mill jobs around 5 years ago.

Overall, I'm still managing to save 3 times the amount per month here as compared to back home on an identical salary. Added to that, a lot of jobs come with free/low-cost housing, Korea is a safe place, the language is easy enough to negotiate any menu, vacation for unis is still superior to anywhere else, then many of the benefits of Korea still remain better than other countries.

[Weigookin74]

[Gorf]

Anyone who thinks Korea is expensive must come from the boonies or India or something. Considering the free rent, pension and medical subsidies, it's impossible not to live like a swinging bachelor/ette and not save at least $750 every month.

[Died By Bear]

You came in 2006? 1996 was way better.

[World Traveler]

Is Korea still worth it financially? That depends on your priorities. Do you only care about the fast cash right now, or are you also concerned about what will happen to you in your 50s, 60s, and beyond? Because each year spent in Korea is another year without money paid into one's retirement account. This is a lot of money. We're talking $20,000 a year or more. Take for example teachers in California, America's most populous state. The average retirement age is 58, and the average payout after retirement is 51K annually. I just talked to a teacher in Pennsylvania, too. Upon retirement (he is in his 50s), he will get paid $44,000 a year for the rest of his life (he'll probably live another 25-30 years) and since he was at the top of the pay scale, the school district even paid him a $25,000 bonus as an incentive to retire early. 44K times 25 (years) is over a million dollars. Where do you think this million dollars comes from?
Each year you stay in Korea, you are taking a huge hit financially. HUGE.
If you believe you will never get old and/or have children, and hope to die young in a blaze of glory, then perhaps the case for better savings in Korea could be made. But even still, I think it is quite possible to save loads more in the U.S., even not counting retirement money. Why do I think this? Because I have friends in the U.S. paying down credit card debt and student loans, and after they have these paid off, they invest their excess money in the stock market. Children are a big life expense, and many people in the U.S. have them. Those who do not have kids should be able to save a substantial amount of money living in the U.S. Salaries are much higher there, as are the benefits packages.

[nathanrutledge]

[World Traveler]

[nathanrutledge]

[World Traveler]

[ZIFA]