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Korean Job Discussion Forums
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World Traveler
Joined: 29 May 2009
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 Posted: Mon Dec 26, 2011 7:23 am Post subject: Korean Salaries Lag Way Behind OECD |
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Koreans are making less money per year than people in most other countries, according to the latest OECD figures.
The report shows Korea's full-time average wage was around US$33,000, way below the OECD average of $43,000 a year. |
http://english.chosun.com/site/data/html_dir/2011/12/26/2011122601341.html
| Quote: |
| The country with the highest average of full-time wage was the U.S. at around $52,000 |
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No_hite_pls
Joined: 05 Mar 2007
Location: Don't hate me because I'm right
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| Posted: Mon Dec 26, 2011 9:47 pm Post subject: Re: Korean Salaries Lag Way Behind OECD |
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| World Traveler wrote: |
| Quote: |
Koreans are making less money per year than people in most other countries, according to the latest OECD figures.
The report shows Korea's full-time average wage was around US$33,000, way below the OECD average of $43,000 a year. |
http://english.chosun.com/site/data/html_dir/2011/12/26/2011122601341.html
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| The country with the highest average of full-time wage was the U.S. at around $52,000 |
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The average doesn't mean much of anything anymore. The median or the mode is more useful.
With an average you can a have a one men/women earning $10 billion a year (each of the Walmart family members make that much) and 1000 people earning $10,000 a year and still have an average of per person of $10,000,000 or $10million per person.
When only one person makes $10 billion and a thousand make $10,000 a year. |
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northway
Joined: 05 Jul 2010
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| Posted: Mon Dec 26, 2011 11:03 pm Post subject: |
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| I don't get why World Traveler is still in Korea. |
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Unposter
Joined: 04 Jun 2006
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| Posted: Tue Dec 27, 2011 2:45 am Post subject: |
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South Koreans also pay lower taxes while at the same time getting so much more from their government including subsidized utilities, public transportation and health care.
I'd much rather make $33,000 in Korea than $53,000 in America. Fortunately, I don't have to - I can make more!
Of course, I wouldn't want to work the hours that some Koreans work.
On a related note, I have no problem paying taxes; I just want something in return for them. The return in America is abysmal. I am always amazed at countries like Korea than can provide so much with so few taxes. It is a good example at how inefficient and how out of touch the American government really is.
In addition, personally, I think WorldTraveler brings up all kinds of interesting threads. I don't always agree with him but they are always interesting and thought provoking. And, nothing wrong with wanting to improve your conditions. The topic of salaries, social class and economics in Korea is fascinating one. |
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nate1983
Joined: 30 Mar 2008
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| Posted: Tue Dec 27, 2011 3:07 am Post subject: |
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| Unposter wrote: |
South Koreans also pay lower taxes while at the same time getting so much more from their government including subsidized utilities, public transportation and health care.
I am always amazed at countries like Korea than can provide so much with so few taxes.
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Actually, many Koreans pay more in income tax than Americans with the same income - Korean tax rates start lower but progress much faster than the American scale, mainly affecting the middle/upper-middle class. Plus they have VAT. Definitely not a "low-tax" country, as you imply. So that depends, but I'll agree the subsidized stuff is better. |
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12ax7
Joined: 07 Nov 2009
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| Posted: Tue Dec 27, 2011 5:42 am Post subject: |
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| If the average salary is 33000$/year, then it's tripled since I first came here, which is not too bad...Then again, inflation is horrendous here. Prices on food have, at the very least, doubled in the same space of time. |
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Rahul0282
Joined: 20 Dec 2011
Location: India
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| Posted: Tue Dec 27, 2011 7:17 am Post subject: |
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| Indian average salaries are much lower!! |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Tue Dec 27, 2011 4:29 pm Post subject: |
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| northway wrote: |
| I don't get why World Traveler is still in Korea. |
| Quote: |
World Traveler wrote:
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While money does hold some importance to me, it was not my main reason for coming here. I realize that this is not the case for almost everyone else. Very few people I've met care about what is happening to the people of North Korea. I came here so I could learn the Korean language so I could help them. Do you have a problem with that? |
Well....do you?
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northway
Joined: 05 Jul 2010
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| Posted: Wed Dec 28, 2011 10:57 pm Post subject: |
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| TheUrbanMyth wrote: |
| northway wrote: |
| I don't get why World Traveler is still in Korea. |
| Quote: |
World Traveler wrote:
[
While money does hold some importance to me, it was not my main reason for coming here. I realize that this is not the case for almost everyone else. Very few people I've met care about what is happening to the people of North Korea. I came here so I could learn the Korean language so I could help them. Do you have a problem with that? |
Well....do you?
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No, but the fact that every thread he starts relates to money gives the appearance that he has other motivations. |
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Unposter
Joined: 04 Jun 2006
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| Posted: Fri Dec 30, 2011 4:43 am Post subject: |
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Nate,
Do you have any evidence because that doesn't seem to be my experience? Even if you earn 4 million a month in Korea, you are still only paying about 7% in taxes. And, there are gazzillions of non-income taxes in America including some pretty outrageous sales taxes, upwards to 12%.
Now, Korean taxes may be high for extremely high income earners, like those whose salaries are over 10 million a month. America is probably much kinder to very high income earners. But, middle/upper-middle, I'd go Korea every time. |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Fri Dec 30, 2011 5:35 am Post subject: |
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| northway wrote: |
| I don't get why World Traveler is still in Korea. |
Waiting for his chance to cross into NK and start is humanitarian crusade of course!!!
Until then he will spout incoherent posts filled with links that contradicts the point he thinks he is making.
All is well.
Consider him a poor man's version of RealReality. |
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nate1983
Joined: 30 Mar 2008
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| Posted: Fri Dec 30, 2011 6:40 am Post subject: |
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| Unposter wrote: |
Nate,
Do you have any evidence because that doesn't seem to be my experience? Even if you earn 4 million a month in Korea, you are still only paying about 7% in taxes. And, there are gazzillions of non-income taxes in America including some pretty outrageous sales taxes, upwards to 12%.
Now, Korean taxes may be high for extremely high income earners, like those whose salaries are over 10 million a month. America is probably much kinder to very high income earners. But, middle/upper-middle, I'd go Korea every time. |
Unposter,
Another poster sent me a link to the Korean income tax guide:
http://www.nts.go.kr/eng/data/Individual_Income_Tax_2010.pdf
In the US, the following federal rates apply:
Up to $8,600 - 10%
$8,601-$34,900 - 15%
$34,901-$84,500 - 25%
$84,501 -$195,950 - 28%
$195,951-$383,350 - 36%
$383,350 and above - 39.6%
You also get a personal exemption and standard deduction, which is around $8000-9000 total for a single person. There is also a deduction in Korea based on a sliding scale, of which the basic deduction is 1.5m won, and overall is not as generous as the US.
Tax rates for Korea (USD @ today's rate of 1159):
Up to 12m ($10,354) - 6%
Up to 46m ($39,689) - 15%
Up to 88m ($75,928) - 24%
Above 88m ($75,928) - 33%
So, someone who makes $50k USD (ignoring deduction/exemption), pays:
$8,580 in the US,
$7,496 in Korea
Making $100k:
$21,545 in the US,
$21,663 in Korea
Making $150k
$35,545 in the US,
$38,163 n Korea
So, people who make a little less than $100k to somewhere around $250k will pay more federal income tax in Korea. Considering the difference in deduction schemes, the crossover probably happens somewhere around $80-90k. |
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Dwenjoen88
Joined: 10 Jan 2012
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| Posted: Sat Jan 14, 2012 7:57 pm Post subject: |
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Been at the same job for 7 years and only once was given a small raise..Seems ESL rates have been stuck where they are for the last 10 years.  I'd change, but the conditions are still "good" when compared to other ESL gigs. |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Sat Jan 14, 2012 10:01 pm Post subject: |
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| 12ax7 wrote: |
| If the average salary is 33000$/year, then it's tripled since I first came here, which is not too bad...Then again, inflation is horrendous here. Prices on food have, at the very least, doubled in the same space of time. |
These govt. statistics are BS. Did you ever her of the 747 Plan? All these numbers are cooked.
http://en.wikipedia.org/wiki/747_Plan |
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pkang0202
Joined: 09 Mar 2007
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| Posted: Sat Jan 14, 2012 10:14 pm Post subject: |
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Just like clockwork another "Korean Wage v. OECD" thread comes up.
New year, same old topics/threads. Some things just never change.
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