Average salary is 32.4 million won a year, says study

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Average salary is 32.4 million won a year, says study


Only 2.5 percent of Korea’s working population earned annual salaries of more than 100 million won ($84,400) in 2014, a one-off study by the Federation of Korean Industries (FKI) said on Wednesday.

According to the FKI, while 351,381 workers were in the 100 million won-plus bracket, the average salary was 32.4 million won and median salary was 24.6 million won for the year.

“Large corporate employees earned 62.7 million won on average, and small and medium-sized corporates’ workers earned 33.2 million won, and they were in the top 10.5 and 35.7 percentiles, respectively,” Lee Cheol-Hang, a FKI director, said.

The federation analyzed about 14 million employees’ salaries based on the Ministry of Employment and Labor’s 2014 annual report. Employers and self-employed workers were not included in the report.

The study found that 415,107, or 3 percent of total workers, earned annual salaries between 80 million won and 100 million won last year, while 886,140 (6.3 percent) received between 60 million won and 80 million won.

Another 5.23 million employees, or 37.3 percent of workers, in the study earned between 20 million won and 40 million won, and 5.24 million people received less than 20 million won.

More than 74 percent of the total number of employees had annual salaries lower than 40 million won.

The top 10 percent of workers earned an average of 92.8 million won, which accounted for 28.7 percent of total salaries. The second tier, between the top 10 and 20 percent, received 53.9 million won and third tier earned 40.3 million won. The top three tiers accounted for 58.5 percent of the total.

Fourth- and fifth-tier wages were 32.5 million won and 27 million won, respectively. The bottom tier’s average salary was only 5.84 million won.

BY KIM YOUNG-NAM [kim.youngnam@joongang.co.kr]

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