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| Are you and yours making above the AHI of 3.45 mil. a month? |
| yes - me and my spouse |
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26% |
[ 10 ] |
| no - me and my spouse |
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5% |
[ 2 ] |
| yes - just me |
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39% |
[ 15 ] |
| no - just me |
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10% |
[ 4 ] |
| STFU |
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13% |
[ 5 ] |
| ASMITH is the shizzzz |
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5% |
[ 2 ] |
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| Total Votes : 38 |
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cubanlord
Joined: 08 Jul 2005
Location: In Japan!
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 Posted: Fri Nov 13, 2009 5:16 pm Post subject: 3rd Quarter Reports - Are you average? |
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http://www.koreatimes.co.kr/www/news/biz/2009/11/123_55431.html
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South Korea's average household income dropped for the second consecutive quarter in the third quarter amid a protracted economic slowdown, a government report showed Friday.
According to the report by the Statistics Korea, the average income of households with two family members or more amounted to 3.45 million won ($2,970) during the July-September period, down 1.4 percent from the same quarter a year earlier. In the second quarter, the income fell 0.1 percent from a year ago.
Household income adjusted for inflation also contracted 3.3 percent to 3.05 million won, marking a fall for the fourth straight quarter, the report showed. Disposable income dropped 0.9 percent over the same period to 2.83 million won.
Spending, however, picked up, raising hopes that consumers might steadily open wallets tightly closed in the wake of the financial crisis and a resulting global recession last year, according to Yonhap News Agency.
The average household expenditure amounted to 2.82 million won in the third quarter, up 1.4 percent from a year ago, mainly thanks to increased purchases of vehicles and medical goods. This marked the second straight quarter of spending growth, the report showed.
When adjusted for inflation, however, the amount inched down 0.1 percent from a year ago.
Expenditure on transportation including vehicles jumped 11.1 percent, driven by the government's tax incentives aimed at bolstering car purchases, according to the report.
Households spending on health care also surged 12.4 percent mainly due to increased purchases of medicines and related equipment in the wake of the outbreak of new flu, the report showed. But expenditure on foods and non-alcoholic beverage goods dropped 4.9 percent. |
630,000 WON to save a month (if you just save it all). Are you above the average? |
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Shapur
Joined: 27 Jan 2003
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| Posted: Fri Nov 13, 2009 5:47 pm Post subject: Re: 3rd Quarter Reports - Are you average? |
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| Well above this. So is just about every other poster on these boards I suspect. As always the figures for median household income are much lower than this average and almost never mentioned. (Probably as they don't allow as much nationalistic chest thumping if the general tone of the media here is anything to go by). |
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blackjack
Joined: 04 Jan 2006
Location: anyang
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| Posted: Fri Nov 13, 2009 6:11 pm Post subject: |
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| wow i make after tax the same as the average household of four people cool |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Fri Nov 13, 2009 6:19 pm Post subject: Re: 3rd Quarter Reports - Are you average? |
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| Shapur wrote: |
| As always the figures for median household income are much lower than this average and almost never mentioned. (Probably as they don't allow as much nationalistic chest thumping if the general tone of the media here is anything to go by). |
Really? Cause the average seems quite low too... a married couple working in a hagwon for 2.0 each are "above average". |
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Shapur
Joined: 27 Jan 2003
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| Posted: Fri Nov 13, 2009 6:36 pm Post subject: Re: 3rd Quarter Reports - Are you average? |
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| Draz wrote: |
| Shapur wrote: |
| As always the figures for median household income are much lower than this average and almost never mentioned. (Probably as they don't allow as much nationalistic chest thumping if the general tone of the media here is anything to go by). |
Really? Cause the average seems quite low too... a married couple working in a hagwon for 2.0 each are "above average". |
Sure. Governments the world over trumpet the average income rather than the median. Perhaps so that people don't get too frustrated with their lot and probably also so that people don't realise how shitty the economy really is for the average Joe during hard times.
Just think about what average household income really means. 4 people earn 20,000 per year and 1 person earns 120,000 so the government proudly announces that the average income per year is 40,000, but of course the real median income for 50% of the population (80% in this rough example) is at or below 20,000.
A crude example obviously but a fair representation of the reality in Korea or anywhere else. I agree that even the average stated in the article is fairly low but I'm confident that the median household income will be a lot lower than the average stated here.
When and perhaps if the government releases those particular stats anyway....
Edit* on top of which announcing average household income rather than average individual income for adults of working age is another convenient way for the government to manipulate the stats to make things appear a lot more positive than they really are. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Fri Nov 13, 2009 8:06 pm Post subject: Re: 3rd Quarter Reports - Are you average? |
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| Draz wrote: |
| Really? Cause the average seems quite low too... a married couple working in a hagwon for 2.0 each are "above average". |
I am pretty sure that the average does include bonuses.
Koreans often say that English teachers are fairly highly paid but what they forget is that we don't get the bonuses that Korean's get. Some Koreans in good times will receive up to 100% of their salary as bonuses. |
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youtuber
Joined: 13 Sep 2009
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| Posted: Fri Nov 13, 2009 9:20 pm Post subject: |
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Is that survey 4 real? OMG! People here are so poor~~
I easily clear 7 mill a month working less than 3 hours per day. I just bought a new 4 bedroom in Gangnam.
God I couldn't live on anything for less than 6 mill per month. |
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WavFunc
Joined: 23 Oct 2009
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| Posted: Fri Nov 13, 2009 10:05 pm Post subject: Re: 3rd Quarter Reports - Are you average? |
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| big_fella1 wrote: |
Koreans often say that English teachers are fairly highly paid but what they forget is that we don't get the bonuses that Korean's get. Some Koreans in good times will receive up to 100% of their salary as bonuses. |
Huh? We get free rent, airfare and severance pay at the end of the year... |
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Juregen
Joined: 30 May 2006
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| Posted: Fri Nov 13, 2009 10:49 pm Post subject: Re: 3rd Quarter Reports - Are you average? |
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| WavFunc wrote: |
| big_fella1 wrote: |
Koreans often say that English teachers are fairly highly paid but what they forget is that we don't get the bonuses that Korean's get. Some Koreans in good times will receive up to 100% of their salary as bonuses. |
Huh? We get free rent, airfare and severance pay at the end of the year... |
Indeed.
Rent could be calculated as 700.000 per month which is 8.4M won per year.
(Interest on down payment is 5.000.000/0.05=250.000 won)
It will differ for each person, but not by much.
The severance is not a bonus though, It is a contractual agreement for finishing the contract.
So let's assume 2.1 per month + rent + interest cost.
2.1*13+8.4+0.25=35.95, lets say 36M rounded.
On top of that you have your flights paid. I don't add this to the total valuation, for it's part of the cost of employment, but is not beneficial to the recipient. IMHO |
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definitely maybe
Joined: 16 Feb 2008
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| Posted: Sat Nov 14, 2009 10:22 pm Post subject: |
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| youtuber wrote: |
Is that survey 4 real? OMG! People here are so poor~~
I easily clear 7 mill a month working less than 3 hours per day. I just bought a new 4 bedroom in Gangnam.
God I couldn't live on anything for less than 6 mill per month. |
What do you do for less than 3 hours per day? |
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BoholDiver
Joined: 03 Oct 2009
Location: Canada
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| Posted: Sat Nov 14, 2009 10:25 pm Post subject: |
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I am calling BS on this.
| definitely maybe wrote: |
| youtuber wrote: |
Is that survey 4 real? OMG! People here are so poor~~
I easily clear 7 mill a month working less than 3 hours per day. I just bought a new 4 bedroom in Gangnam.
God I couldn't live on anything for less than 6 mill per month. |
What do you do for less than 3 hours per day? |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Sat Nov 14, 2009 10:31 pm Post subject: Re: 3rd Quarter Reports - Are you average? |
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| WavFunc wrote: |
| big_fella1 wrote: |
Koreans often say that English teachers are fairly highly paid but what they forget is that we don't get the bonuses that Korean's get. Some Koreans in good times will receive up to 100% of their salary as bonuses. |
Huh? We get free rent, airfare and severance pay at the end of the year... |
Koreans get severance as well so lets discount that.
Airfares are the cost to get us here so it has no cash value to us.
As far as rent a 1 room can be obtained for less than w50,000,000 key with no rent. Say at current interest rates they pay w1,000,000 in forgone interest.
English teaches are not well paid in Korea, just well paid for the hours they work. Also Koreans generally don't values services and working in the service industries tends to pay accordingly. |
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English Matt
Joined: 12 Oct 2008
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| Posted: Sun Nov 15, 2009 5:26 am Post subject: |
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| youtuber wrote: |
Is that survey 4 real? OMG! People here are so poor~~
I easily clear 7 mill a month working less than 3 hours per day. I just bought a new 4 bedroom in Gangnam.
God I couldn't live on anything for less than 6 mill per month. |
Are you a high society escort....because that's about the only way you could clear that every month.
Tip: If you fill your bathtub with water instead of champagne, you could probably survive on a bit less than 6mil a month. |
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redaxe
Joined: 01 Dec 2008
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| Posted: Sun Nov 15, 2009 5:41 am Post subject: |
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Ugh... statistics.
Just because 3.45 million won is the average household income does not mean that most people make about 3.45 million won a month, or that 3.45 million a month is a "typical" income. Depending on how unequal the distribution of incomes, it means that most people make quite a bit less than that, and a few people make way, way more than that.
Shapur is the only other person here who seems to understand this. |
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Old Gil
Joined: 26 Sep 2009
Location: Got out! olleh!
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| Posted: Sun Nov 15, 2009 6:10 am Post subject: |
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| youtuber wrote: |
Is that survey 4 real? OMG! People here are so poor~~
I easily clear 7 mill a month working less than 3 hours per day. I just bought a new 4 bedroom in Gangnam.
God I couldn't live on anything for less than 6 mill per month. |
I make 12 million a month and I own North Korea and all the dreams in Disneyworld. |
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