Korean Job Discussion Forums

[Real Reality]

Personal Bankruptcies Skyrocket
Personal bankruptcy filings almost quadrupled last year from a year before due to Korea's protracted recession. The personal bankruptcy system is designed to relieve individuals of crushing debt. The Supreme Court said Wednesday that bankruptcy filings submitted to the court increased four-fold to 14,921 last year, from 3,856 a year before. The court added that applications for personal debt-workout programs, a kind of court receivership for individuals, had also grown exponentially, from 132 last September, the first month of its implementation, to 1,506 in October, 3,505 in November, and 3,914 in December.
by Ho Kyeong-eop, Chosun Ilbo (January 12, 2005)
http://english.chosun.com/w21data/html/news/200501/200501120023.html

[kangnamdragon]

They are supporting those rich prostitutes.

[Real Reality]

Perhaps, too many foreigners are trying to demand overdue salary. Foreigners are getting uppity.

[Guri Guy]

Never fear. I read in the paper today that the President says Koreans will have an average income of $20,000 US Dollars by 2008. That should fix all their problems having an average income higher than Canada's. In fact it will be one of the highest in the world. Dynamic Korea indeed!!! Everything is coming up roses in the Land of the Morning Calm. Everyone start chanting: �� - �� - �� - �� !!! �� �� �� �� �� !!! �� - �� - �� - �� !!! �� �� �� �� �� ...

On second thought...maybe not. Lots of bankruptcies yes...

[Guri Guy]

This just in! I'm an idiot.

I checked Canada's per capita GNP. It is over $29,000 US Dollars. The USA is over $37,000 US dollars and Japan is $28,000. Even Taiwan is over $23,000. The European union average is around $25,000. I guess Korea still has some catching up to do. Not so dynamic I guess and still so many bankruptcies. So much for my starry eyed optomism. Damn...

[funplanet]

20,000$ in 3 more years? don't see it happening

weren't they supposed to have reached that last year??

they basically have 3 years to DOUBLE it

[jaykimf]

[animalbirdfish]

Koreans tend to have more savings than western countries, though, due to lower taxes, living with the parents until they're damn near geriatric, and the old-fashioned Korean way of stashing money for the proverbial rainy day. All that said, Korea is probably falling into the same trap as a lot of westerners with regards to easy-to-get credit cards and a consumerist mentality.

[Wangja]

[Real Reality]

In Germany, Ireland, South Korea, and Switzerland, among others, teachers earn at least twice the GDP per capita.
http://www.veaweteach.org/articles_archives_detail.asp?ContentID=324

17,700 x 2 = 35,400

So, you earn at least $35,400 (or 36,938,130 won) per year.

[jaykimf]