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Moondoggy
Joined: 07 Jun 2011
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 Posted: Fri Feb 01, 2013 7:39 pm Post subject: Re: More Than Half of Workers Earn Under W2 Million |
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| Weigookin74 wrote: |
http://english.chosun.com/site/data/html_dir/2012/06/05/2012060500753.html
"More Than Half of Workers Earn Under W2 MillionMore than half of Korea's salaried workers earn less than W2 million a month, the Chosun Ilbo's analysis of regional wage statistics posted by Statistics Korea shows (US$1=W1,183). Some 54.3 percent earned under W2 million a month as of the fourth quarter of 2011.
Some 2.41 million or 13.9 percent of all 17.31 million wage earners nationwide made less than W1 million, and 40.4 percent between W1 million and W2 million.
Given the minimum cost of living for a family of four at W1.49 million, sole breadwinners earning less than W2 million a month barely eke out a living after paying tax and insurance. Their spouses have no choice but to work.
A whopping 87.7 percent of 5.24 million temporary and other non-regular workers earned less than W2 million each month. Among regular employees, only 42.2 percent earned less than 2 million.
This brings home once again how urgent it is to address the issue of non-regular employment amid the growing income gap. The latest finding shows that college graduates are being squeezed into lower-quality jobs, with 27 percent of graduates earning less than W2 million a month.
The analysis shows that government statistics no longer remotely reflect the real situation. Official figures purport to show that the number of new workers is increasing by about 500,000 a month on-year.
"It looks as though the number of new jobs increased significantly, but they were mostly low-paying temporary jobs to be taken by those who were forced to work because the main breadwinners do not earn enough money," said Lee Joon-hyup of the Hyundai Research Institute."
http://english.chosun.com/site/data/html_dir/2012/01/31/2012013101298.html
Well, guess no one can look down on our two million won monthly derriers. Hate it when some folks keep harping on about poor English teachers. |
So you liked this Chosun Ilbo article so much because you found out that 27% of college graduates in Korea make less than W2 million a month, which is less money than those foreign ESL teachers in Korea make. You must call your mom right now and give her this exciting news.
�The latest finding shows that college graduates are being squeezed into lower-quality jobs, with 27 percent of graduates earning less than W2 million a month.� |
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12ax7
Joined: 07 Nov 2009
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| Posted: Fri Feb 01, 2013 7:40 pm Post subject: |
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| World Traveler wrote: |
Great link! (Not sure what your point was, but I like how it shows-even when taking into account "cost of living"- the U.S. is a great place to be. Loads of disposable income there, and the U.S. is getting better, not worse.)
http://en.m.wikipedia.org/wiki/Developed_country#section_4 |
Yes, the US economy has actually improved in 2012, and it's expected to do even better in 2013, not that you'd know by listening to the conservative entertainment complex. |
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fustiancorduroy
Joined: 12 Jan 2007
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| Posted: Fri Feb 01, 2013 8:22 pm Post subject: |
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| I don't have the links, but I remember once reading that the average household income in Gangnam-gu was about 4.5 million won a month. More recently, I read an article which said that, to be considered middle class in Seoul, a household needs to earn about 5 million won a month. Those numbers seem about right to me. |
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newb
Joined: 27 Aug 2012
Location: Korea
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| Posted: Fri Feb 01, 2013 8:29 pm Post subject: |
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I'm at top 1% by Korean standard.
No debt. Own two homes (US & SE Asia). Fat bank accounts. Thank you Korea!  |
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World Traveler
Joined: 29 May 2009
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| Posted: Fri Feb 01, 2013 8:51 pm Post subject: |
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How do you know you are in the upper 1% though? So many Koreans underreport their income (including high ranking professionals) that it is hard to know what the upper 1% really is.
On paper roughly 2% of Koreans make over ₩100,000,000 per year. You are pulling that? You must have a successful hagwon and/or recruiting business then, because I don't see how else that would be possible. |
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newb
Joined: 27 Aug 2012
Location: Korea
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| Posted: Fri Feb 01, 2013 9:50 pm Post subject: |
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| World Traveler wrote: |
How do you know you are in the upper 1% though? So many Koreans underreport their income (including high ranking professionals) that it is hard to know what the upper 1% really is.
On paper roughly 2% of Koreans make over ₩100,000,000 per year. You are pulling that? You must have a successful hagwon and/or recruiting business then, because I don't see how else that would be possible. |
How do you know there are so many underreported income in Korea? In my accounting book, underreported income and unreported assets are all liabilities. It will eventually catch up with them sooner or later. |
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World Traveler
Joined: 29 May 2009
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| Posted: Fri Feb 01, 2013 10:02 pm Post subject: |
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Are you kidding me?! South Korea has one of the largest underground economies in the world:
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| Sources say the NTS is seeking to have more access to financial data collated by the Financial Intelligence Unit (FIU) in order to crack down on tax evasion on the black market, where a huge amount of trading is done in cash. The underground economy is estimated at between 300 trillion won and 400 trillion won, according to the tax agency. |
http://www.koreatimes.co.kr/www/news/biz/2013/01/123_128747.html
...but even if we go by reported income only, you are still not in the upper 1% (or close to it). |
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newb
Joined: 27 Aug 2012
Location: Korea
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| Posted: Fri Feb 01, 2013 10:14 pm Post subject: |
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| World Traveler wrote: |
Are you kidding me?! South Korea has one of the largest underground economies in the world:
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| Sources say the NTS is seeking to have more access to financial data collated by the Financial Intelligence Unit (FIU) in order to crack down on tax evasion on the black market, where a huge amount of trading is done in cash. The underground economy is estimated at between 300 trillion won and 400 trillion won, according to the tax agency. |
http://www.koreatimes.co.kr/www/news/biz/2013/01/123_128747.html
...but even if we go by reported income only, you are still not in the upper 1% (or close to it). |
I say again, those are all LIABILITIES. |
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World Traveler
Joined: 29 May 2009
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| Posted: Fri Feb 01, 2013 10:25 pm Post subject: |
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| What are you saying? You think most people who bought and sold stuff with cash are going to get caught (and if they do, not get pardoned)? I highly doubt that. But since this seems like a touchy subject for you, go ahead and keep believing you are in the upper 1% if it makes you feel better. I won't stop you. |
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misher
Joined: 14 Oct 2008
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| Posted: Fri Feb 01, 2013 11:26 pm Post subject: |
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I have no debt and am here without a plan. I came here without debt and didn't really have a plan then either (I had reasons to move here, but that's not the same as a plan). What's wrong with that? It doesn't mean I'm not continuing to learn or trying new things, and doesn't mean I'm not enjoying my life. It doesn't mean I don't take my job seriously either. I've been here for almost 5 years now, and when people ask me if I am going to stay for a long time, I tell them I have no plans either way. I will stay until I want to leave and then move on to somewhere else, although I imagine I'll probably stay here for a while still.
I am (mostly) within my field, btw. I studied TESL. I am not here because of no other options, and could easily have taught ESL at home (shortage of ESL teachers there), or go back and teach there. I didn't come to Korea for the money, so that doesn't really figure into things, either. I suppose it might be different if your goal is to move back to your home country and start up in a different field. |
Fine. I mentioned that people who live in Korea for a few years because they want to pay down debt, travel or, LOVE korea and korean people are excluded from my critic rant. HOWEVER if you don't fit into those categories don't bitch a few years from now when A. your experience counts for crap back home and B. Your wages don't increase unless you work illegally or you get married.
The fact that you got defensive at my post tells me a lot about yourself. You're either in Korea because you're a koreanophile (fair enough) or because you just don't know where to go or what to do with your life. Face it, if Korea didn't pay 2.5 million won a month you wouldn't be there. |
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misher
Joined: 14 Oct 2008
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| Posted: Fri Feb 01, 2013 11:34 pm Post subject: |
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| don't have the links, but I remember once reading that the average household income in Gangnam-gu was about 4.5 million won a month. More recently, I read an article which said that, to be considered middle class in Seoul, a household needs to earn about 5 million won a month. Those numbers seem about right to me. |
that would seem about right. 5-6 million won would be solid middle class. this is attainable wiith an F-visa. on an e-2 forget it. You're a bottom feeder in Korean society no matter how you justify it. WIth a western university education it's even worse in the eyes of koreans. If you don't care about how koreans think of you as native english teachers, then accept your capped crap salary and don't bitch about it. |
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newb
Joined: 27 Aug 2012
Location: Korea
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| Posted: Sat Feb 02, 2013 2:27 am Post subject: |
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| World Traveler wrote: |
| What are you saying? You think most people who bought and sold stuff with cash are going to get caught (and if they do, not get pardoned)? I highly doubt that. But since this seems like a touchy subject for you, go ahead and keep believing you are in the upper 1% if it makes you feel better. I won't stop you. |
It seems Korea gov't is headed that way. Slowly but surely those fake Korean 1 percenters will pay. Don't believe everything you see and hear in Korea. Most Koreans drive overpriced cars and live in luxury apartments that they can't afford just to show off. These people are one paycheck away from offing themselves but it's cultural to fake it to save face.
There is a real good reason why Korea is the best in suicide. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Sat Feb 02, 2013 6:38 am Post subject: |
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| misher wrote: |
| Quote: |
| don't have the links, but I remember once reading that the average household income in Gangnam-gu was about 4.5 million won a month. More recently, I read an article which said that, to be considered middle class in Seoul, a household needs to earn about 5 million won a month. Those numbers seem about right to me. |
that would seem about right. 5-6 million won would be solid middle class. . |
You must be joking. In certain desirable neighborhoods maybe. But then how do you account for this?
http://recruiterinkorea.wordpress.com/2009/12/16/salaries-of-various-professionals-in-korea/
| Quote: |
| The average monthly pay of Korean workers stood at W2.04 million in 2008, while the average age was 43.4. The average worker was employed for 8.5 years and worked 49.3 hours a week. |
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Squire
Joined: 26 Sep 2010
Location: Jeollanam-do
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| Posted: Sat Feb 02, 2013 7:11 am Post subject: |
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| What does a new public school teacher make in Korea? Typically? How much does that go up every year? I've asked this before and didn't get an answer. I mean a Korean teacher, not a foreigner |
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12ax7
Joined: 07 Nov 2009
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| Posted: Sat Feb 02, 2013 8:10 am Post subject: |
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| misher wrote: |
| Quote: |
| don't have the links, but I remember once reading that the average household income in Gangnam-gu was about 4.5 million won a month. More recently, I read an article which said that, to be considered middle class in Seoul, a household needs to earn about 5 million won a month. Those numbers seem about right to me. |
that would seem about right. 5-6 million won would be solid middle class. this is attainable wiith an F-visa. on an e-2 forget it. You're a bottom feeder in Korean society no matter how you justify it. WIth a western university education it's even worse in the eyes of koreans. If you don't care about how koreans think of you as native english teachers, then accept your capped crap salary and don't bitch about it. |
That's household income, as in both partners working and supporting kids. You've got no reason to complain if you're single with no kids and earning 2.5 on an e2. |
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