Korean Job Discussion Forums

[Murph]

I just did a quick comparison with my first year here in 2004, and I was rather shocked at the realization it brought me to. In 2004, based on saving 1 000 000 won per month, I was able to save around $1200 CAN with severance pay that amounted to around $18 000 savings in a year. This year, based on saving 1 000 000 won per month, I will be able to save about $ 12 750.

I am going to subtract about $500 from that amount to account for the cost of getting my current job ie. criminal record check, transcripts after transcripts after transcrpts, an untold number of passport photographs, having everything notarized twice, and then notarized again by my lawyers lawyer, and then having to use fedex four or five times.

So when I compared $12 250 to $18 000 I quicky realized that I am now making about 68% of what I was making in 2004. On top of this the market for work is a shadow of it's former self, and not being a gyopo nor a blond woman I am automatically disqualified for about half the jobs out there.

Normally I am pretty cool about the way things are. I hardly ever think about it to be honest, but yesterday when I heard about immigration tighening the laws once again I just go fed up.

So yeah, there wasn't much point to this post (it's a rant.) I am not down on Korea. I like Korea. I think that it's already a cool country with lots more yet to be tapped potential but it's just getting harder and harder every year. It's harder to get work, and when one does get it, he or she has got to spend more to make less, and it's bringing me down. What are your feelings on this, and any predictions about where things are headed in the next couple of years?

[crossmr]

You're not really saving any less money. You're just getting killed on exchange, such is the nature of working internationally. You're probably making the same or more in Korea, and after all these years I hope have improved your quality of life by getting your own apartment, etc. I think it depends a lot on what your long-term goals are and where you are headed, you will have to admit thought that the exchange has been like that since the end of 2008, so it's been over a year and a half floating around the same level.

[Senior]

Why did you subtract start up costs? Didn't you have start up costs back in 2004? Even if they aren't the same as today?

Complaining about exchange rates is like complaining about the sun rising. You can't control it, so why bother? You still have the same purchasing power within the country. It's not like anyone is purposely doing it to try and screw you over.

It might not be as good as it was, but do you think you could still save over a grand a month in Canada? If I didn't have to pay rent and tax, it would still be difficult in my home country.

[PatrickGHBusan]

[Milwaukiedave]

The exchange rate really only matters when you send money home. I haven't done that for three years and probably won't until the rate dips about another 175-275 won. That being said, it is moving in the right direction for now. It could be worse.

[cdninkorea]

The exchange rate is why some people I know don't send money home: they keep it here and wait it out. In the meantime, one friend in particular gets 9.6% from a reverse annuity at a small bank in Gangnam. Others invest and do even better, but they're exposed to risk (the reverse annuity is risk-free).

As for me? I'm paying for my MA while paying off my undergraduate loans. But when I finish with those, I'm not going to send money home to sit in a bank account that gets no interest, especially when the exchange rate is so relatively bad.

[Hobophobic]

^+1

I haven't sent money home since 2002 during the World Cup...but it was a good time then...I believe I sent 900,00 Won and got around $1400 cdn...now my wife just tells me my parents should have paid for my uni degree and that we have no money while she orders Baby Gap and Old Navy every week, and claims my MA is too expensive and I should do something more responsible for our family instead of wasting money on an education.

[Mr. Pink]

[Murph]

A lot of good points. I am glad that posted this thread. It has given me new perspective. As for not posting 2004 start up costs I suppose that was unfair, however I really don't remember that much. I simply came to Korea without a job, degree in hand. After signing a contract I did a visa run, and that was it. I did have to pay a few immigration fees, however that was also this case this time thereby nullifying that fee since it would have been relatively the same in both years.

Personally I don't like to save up too much money here. I see myself in Canada in the future and that's where I prefer my money to be. The exchange rate has gone down a lot, and for those of you that had more than say 20 000 000 won in Korea before the dip, that must have been a hard hit in terms of sending money out of the country afterwards. What if keep my money in Korea hoping for a better exchange rate, and then it gets worse? There is no easy answer right? I also know of a guy who kept more than 20 000 000 won in his Korean bank account, and he suddenly had to leave the country ( I think he was fired.) So he had a heck of a time getting all of his money back to New Zealand after he lost his visa/arc card.

Once again, good responses. Thanks.

[brento1138]

^

You know, I have to agree with the OP here. It's true, we are making less money when you add in the exchange rate. I too send home money every month... since I see myself in Canada in the future. It's all a matter of perspective I suppose.

[daeguowl]

[crossmr]

[Mowie]

crossmr wrote:
If you haven't increased your salary after 6 years that's your own fault. There are pay grades at most places, and you can get a bump for a tesol cert, as well you may be able to move into a better paying job after some experience and a reputation if you're smart.

I find that the wages are slightly lower than 2002. The advantages of certificates and experience are minimal at best. I guess you are referring to jobs outside of schools and hokwans are were the "smart" ones find employment.

[Junior]

[shapeshifter]