Korean Job Discussion Forums

ubum · Joined: 23 Aug 2005 Location: Gwangju

I have read many different posting talking about English teacher in Korea and the negative image of them. I��m not going to talk about all of the stigmas that are attached to them, just one. I am just curious about the wages. I have read that many people think those English teachers are bums, partially because of the low salaries that they make. I��m not going to say that I��m happy with what I��m making, but there are many perks to living here. But from what I can tell, I think we make more than the average Korea. What is the average salary here? I��ve looked but to no avail. I am mostly curious about someone with a 4 year college degree, even though I have a Masters.

According to the CIA World Fact Book, the following are estimates for USA, Canada, and Korea. I looked at the purchasing power parity and compared it to my annually salary. My contracted salary is 28.600.000 a year (2.200.000 X 13). At today��s exchange rates it is about 27,870 USD; which is substantially above that of the average Korean, not to mention the extras that we are offered, such as the free housing, airfare from and to our home countries.

USA GDP - per capita purchasing power parity - $40,100 (2004 est.)
Canada GDP - per capita purchasing power parity - $31,500 (2004 est.)
Korea GDP - per capita purchasing power parity - $19,200 (2004 est.)

So, are we poorer than the average Korean?

Neil · Joined: 02 Jan 2004 Location: Tokyo

I think it depends on age, I probably earn more than Koreans of my age (26) but I wouldn't be suprised if college educated Koreans in their 30s and 40s make much more.

peppermint · Posted: Thu Sep 15, 2005 8:55 pm Post subject:

I don't think so. I suspect the attitude has more to do with the fact that hagwon work is generally for university students and women waiting to get married, as far as Koreans are concerned. Combine that with the lack of opportunities for promotion, and I can see why English teachers might be looked down on.

peppermint · Posted: Thu Sep 15, 2005 8:57 pm Post subject:

double post- sorry

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

joe_doufu · Joined: 09 May 2005 Location: Elsewhere

Rich or poor has little to do with income. There are people in the world who have become millionaires earning a middle class salary because they saved and invested wisely. Likewise there are hotshots earning New York six-digit salaries who spend more than they earn and get so deeply in debt that they can't help but crash into bankruptcy. The tradition in America is, if you get twenty thousand dollars somehow, you spend it to buy yourself a hundred thousand dollar mortgage. This is absurd but it's the American way. I don't know about Korea, but I know "status symbols" are big here. You see a korean guy driving an unnecessary vehicle (with a driver!) and throwing money around, you've got to realize he's overextending himself, and is poorer than somebody who works hard, lives a thrifty lifestyle, and invests his money wisely.

There is no reason anybody who surfs this board can't go from zero to becoming a millionaire in ten years.

Unfortunately, I think it will take me a couple years to get back to "zero". I've learned all the lessons mentioned above from experience, as I finally reached the point where I lost control of my debt and it took control of me. But... even with this lousy salary I've been able to reverse the money flow in my favor and put myself on the right road.

For those who don't want to learn by suffering, see the book "rich dad, poor dad" by robert Kiyosaki, which is a good intro.

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

To reach 1 million in ten years you would need $20,000 a year invested with a rate of return of 30%. Not only that, but with zero taxes on the interest. Let's say the person saves $10,000 a year from his job and another $10,000 in privates (can you say burn-out?).

There's the $20,000 a year but what investments offer 30% and with zero taxes on the interest? Sure there may be some but those are usually only offered to sophisticated investors. And we haven't even started with a wife and kids, a house..ete certera.

Unless you have done it yourself, please don't offer meaningless sayings like anyone on this board can earn $1 million in ten years. If it were that easy then at least one or two posters would have done it by now, and hence would not be here, but back in the West managing their investments.

Privateer · Joined: 31 Aug 2005 Location: Easy Street.

Sooner or later we're going to be poorer than the average Korean.

billybrobby · Joined: 09 Dec 2004

i'd like to know average salary by age bracket

joe_doufu · Joined: 09 May 2005 Location: Elsewhere

joe_doufu · Joined: 09 May 2005 Location: Elsewhere

blackbird · Joined: 28 Apr 2003 Location: Songtan

I was talking to one of my adult students about this just this week. He said that the average college educated engineer gets a starting salary of 24 million per year. He also said that the difference between management and lower ranking employees at his factory is less than 20%. He mentioned that the average unskilled worker - i.e. construction worker - makes much less. So, I would like to know what the average engineer is making at retirement age. I am guessing that a close estimate would be to double the figure of 24 million. Sound right?

Moldy Rutabaga · Joined: 01 Jul 2003 Location: Ansan, Korea

I am also curious as to wage brackets in Korea-- and I wonder if even Koreans know, given the huge mass of people working in markets or service jobs who probably have undocumented incomes. A number I sometimes hear is around 1 million a month or less for people who work in restaurants or sell shoes or the like. But my father-in-law owns a factory and the people there who pull wrenches all day get paid more than I do-- striking every ten minutes can do that for you.

My hunch is that we are well paid compared to Koreans in general, but not well paid compared to university-educated males or those in strongly-unionized trades. Our pay is probably nearer what women or clerical staff make (not saying it's fair by any stretch). But if it makes us feel better, we work comparatively fewer hours than most of these people do.

It's better than what I made in Canada-- nothing.

Ken:>

livinginkorea · Joined: 11 Jun 2004 Location: Korea, South of the border

I read that the average wage back in 1997 was 1.4 million a month.

http://www.asianinfo.org/asianinfo/korea/eco/employment.htm

I find it hard to believe that it jumped up so much to 2.8 (if this is real) so I don't think it's real. About 40% of the workforce are no-salary workers. Many Koreans have their own (tiny) business and they are barely scrapping buy. Farmers surely don't make much.

One of the reasons why Koreans dislike foreigners is that we make more than they do. If there is any assistant or helper as the Koreans call them, they are only on about 5~700,000 a month! That's shocking. Hagwons teachers make about 1~1.5 million. Some make more but very few do. And don't forget Koreans practically live at work. They work crazy hours or spend all the time at work trying to look busy. Also things are so cheap for us here but for Koreans they aren't. Inflation is pretty low and that says a lot.

Sorry but 2.8 is very hard to believe. Maybe Samsung managers are getting that but you can be sure that the majority of the country isn't on that.