Private firms agree to raise worker wage next year

Home > Business > Industry

print dictionary print

Private firms agree to raise worker wage next year

Salaries of workers in Korea’s private sector will increase 5.4 percent on average next year, a survey showed yesterday.

According to a survey by Korea Employers Federation, 764 private companies that hire more than 100 workers have agreed to give a 5.4 percent salary hike to workers for next year. The annual growth rate, up 0.2 percentage points from one year ago, represents the highest wage hike since 2007.

By size, companies with 1,000 or more workers planned to give the highest salary increases of 5.5 percent. In terms of industries, retailers aimed to give the biggest salary increase to workers of 5.7 percent. During wage negotiations, the average salary increase advanced by labor unions was 9.1 percent, while employers countered with a 3.7 percent increase for 2012.

The difference between unionists and employers on wage increase was more pronounced this year than last at 5.4 percentage points, up 0.2 percentage points from a year earlier.

Workers with a bachelor’s degree from a four-year university earned a monthly income of 2.42 million won ($2,156) during their first 12 months of employment.

Employees of corporations with more than 1,000 staff members earned 2.71 million in their first 12 months of work.


Yonhap

More in Industry

Luxury loungewear is no longer just for lounging

KGC to work on a ginseng-based vaccine adjuvant

Hanwha Techwin continues selling CCTV systems overseas

Popeyes to close all branches in Korea this month

Contract signed for Covid-19 vaccine

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now