Real Reality
Joined: 10 Jan 2003
Location: Seoul
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 Posted: Fri Apr 22, 2005 6:37 am Post subject: Salaries the Same; Profits Increase |
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On average a worker in the 14 companies earned W32.90 million in 1999 and 53.39 million in 2004, an average increase of 62 percent. That is roughly a 10 percent annual increase over the six years, but counting factors like inflation negligible in real terms.
That companies grow richer over time while their employees grow poorer is a global phenomenon. According to OECD statistics, wages made of 70 percent of national income (excepting the agricultural sector) 20 years ago, but in 2003, they made up only 64 percent. Corporate profits and dividends in the same period, needless to say, were on the rise.
by Park Jong-se, Chuson Ilbo (April 22, 2005)
http://english.chosun.com/w21data/html/news/200504/200504220018.html
On average a foreign English teacher earned W22 million in 1999 and W24 million in 2004.... |
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