Korean Job Discussion Forums

[seanie]

Korea is losing it's financial appeal for me. When I came here in 2002 the exchange rate between the euro and the won was circa 1150won to the euro now sadly korea is losing it's appeal with an exchange rate 1354won (and rising) to the euro. Government intervention in tying the won to the dollar, and hence keeping it artifically low, is killing me. China, a far more hospitable environment, where I could earn slightly less and have far more spending power, beckons. This may only be the case for us europeans now but I wonder though is the day approaching when u.s. intervention at the W.T.O will force korea, along with china. to revalue their currencies and thus ending east asia as a means of saving some cash for all of us.

[seanie]

*beep* i need another beer!

[Hammer]

China might not be such a hot idea - the yuan is pegged at 83(ish) to the US dollar - it doesn't float. The US and the rest of the Quad feel that this is unfairly low, giving Chinese companies an unfair advantage, so there's a complaint being filed with the WTO to get China to let it's currency float (let my dollars GO! ) so it's actual value will be more accurate. China's defense is that it alone was not affected by the Asian Flu (western investors playing creative pump-and-dump games with SE Asian currencies) and it feels it should decide it's monetary policy, not the WTO. Under WTO rules, they'll lose, but Beijing likes to control it's own sovereignity. They like making a lot of money, too, so unless you can guess the mindset of the of the rulers of the Middle Kingdom (something foreigners are traditionally bad at,) you might want to wait a bit and see what happens - if they let the yuan float, it's going to go up like a rocket against the dollar (and the euro and the pound and the C$ and so on) as speculators pile in.

Re-reading that, it becomes horrifyingly obvious that I spent way too much time economics classes . . .

[Tiger Beer]

Korean Won holds better against the US Dollar right now.. whew.. its about time.. good for me..

In regards to China.. I don't think that is quite the place.. its getting more and more expensive and wages are fairly low as well..

Actually if the EURO is getting stronger and stronger than everywhere will look a little worse to you..

[just because]

i didn't know Korea had any financial appeal. There are only 3 banknotes after all. When will they bring in a 20, 50 and 100 thousand won note.

[bucheon bum]

just because you euro people are getting screwed over with the exchange rate doesn't mean everyone is . Us americans are getting the hook-up at the moment (crossing my fingers it continues).

[Real Reality]

Surveys Show Bleak Job Market
A survey has shown that nearly 80 percent of firms have not hired any new employees or have no plans to do so in the fourth quarter of the year, suggesting that the job market will turn worse before the end of this year, the Ministry of Labor (MOL) said Sunday.
http://english.chosun.com/w21data/html/news/200310/200310050001.html

A continued rise in the Korean won would end up hurting exports, which account for around 40 percent of the nation's gross domestic product, as they would make Korean goods more expensive overseas.
http://www.koreaherald.co.kr/SITE/data/html_dir/2003/10/09/200310090065.asp

The South Korean government is backtracking on recently enacted legislation designed to stem an alarmingly growing mountain of household debt, and is instead loosening credit policies again in the hope that more credit will spur consumption and move the economy forward.

Loose credit policies have, after all, kept the economy afloat since 1998, but with record debt levels and millions in default, the South Korean consumer is looking increasingly spent and the economic situation is starting to look chancy.

And the moral hazard is spreading, as just this week it was revealed that South Korea's card issuers have been classifying short-term defaulters as long-term bad debt, allowing them to shift billions of debt to Korea Asset Management Corp, a state-run agency set up to assume chronic bad debt, artificially reducing the amount of unserviceable debt on the credit-card companies' books.

The timing of Roh's announcement is also curious, as this debt-forgiveness initiative will target the 20s-30s demographic most directly, since they hold more than 50 percent of the country's bad debt. They also happen to comprise the core group of Roh's supporters, a vitally important group to keep placated if his newly formed party is to gain seats in National Assembly elections slated for next spring.
http://atimes.com/atimes/Korea/EJ09Dg01.html

[ratslash]

long live the pound!

[weatherman]

[Tiger Beer]

[Ruraljuror]

I see what you're doing there Tiger. I'm on to you.

[waynehead]

I'm teaching in China now, but planning on returning to Korea soon.

If you're well qualified you can get high paying positions in China (20,000 yuan a month +), but if like most ESL teachers you don't have a teachers cert or a masters then I wouldn't bother coming here.

I work at a uni and the job is great (~18 hours a week) but the pay is shi'ite and that's why I'm going back to Korea. I came here to try something different, but the quality of life here isn't really any better, and in some respects is quite worse, and so it's just not worth it for me to stick around for nearly zero-savings pay.

The yuan is much more stable than the won, and everyday purchases here are a lot cheaper, but those are the only incentives for coming here from a $$ perspective. So I'd advise thinking twice before making the leap over here. I wish I'd have just stayed in Korea.

[marlow]

[Real Reality]

No Bottom in Sight for Korean Stock Market
Donga.com (October 23, 2008)
http://english.donga.com/srv/service.php3?biid=2008102308848

Kospi Takes Dive as the Won Gets a Thumping
By Moon Gwang-lip, JoongAng Daily (October 23, 2008)
http://joongangdaily.joins.com/article/view.asp?aid=2896444

[jdog2050]