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Biz News Korea(Eng)
S. Korean salaried workers earn below average of OECD members
- Collected
- 2017.11.02
- Distributed
- 2017.11.03
- Source
- Go Direct
According to Rep. Park Kwang-on of the ruling Democratic Party who studied wage conditions of OECD members, South Korean wage earners had been paid an average $29,125 in 2016, ranking 23rd among the 34 OECD members minus Turkey.
The annual salary for South Korean workers grew 3.87 percent between 2010 and 2016, much lower than the OECD average of 5.39 percent.
South Korea`s gross domestic product (GDP) came to $1.41 trillion last year, ranking eighth among the OECD countries, but its per capita GDP was at 22nd with $27,539, Park said to argue that Koreans were poorly paid against national income.
The average salary of South Korean workers against per capita GDP was 105.76 percent which was lower compared with Australia (114.38 percent), Canada (115.49 percent) and Spain (114.97 percent) whose GDP is similar to that of South Korea.
The lawmaker pointed out that despite its economic size, South Korean workers` salary is relatively lower than major economies as a select number of conglomerates account for a big share of the economy, creating a wage gap between big and smaller companies.
President Moon Jae-in and his party DP tout wage-led growth through increases in minimum wages and job security as means to stimulate economic growth.
By Chung Seok-hwan and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]