Employee Salaries Decreased by 12.4%
As of July, a substantial level of employee salaries is estimated to have been decreased by 12.4% compared to that of last year. For the same period, working hours per week decreased from 49.3 hours last year to 46.6 hours this year.According to the Ministry of Labor on October 6, as of October 1, salary negotiations between labor and management in 4,375 companies, 80% of the 5,476 companies which employ more than 100 employees were concluded.
By businesses the salary level in newspaper publishing decreased by the biggest at 15.5%, followed by broadcasting (10.2%), mines (8.4%), finance (5.0%) and construction (4.3%). The salary decreases of big companies were larger than those of small and medium sized companies.
with the Korea JoongAng Daily
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