Ulsan Pays Highest Wages in Korea

Workers in the southern industrial city of Ulsan are best paid in Korea, according to a survey.

According to a survey of 1,713 listed companies late last year by Chaebul.com, a conglomerate research firm, 26 firms in Ulsan paid an average annual salary of W68.81 million (US$W1,039), topping the list of 16 cities and provinces nationwide.

The companies were categorized according to the locations of their headquarters.

Ulsan's top ranking is due to large manufacturers there including Hyundai Heavy Industries with an annual salary of W72.32 million, Samsung Fine Chemicals with W84 million, KyungDong City Gas with W76.99 million, Hyundai Mipo Dockyard with W69 million, and Hyundai Hysco with W66.65 million.

Gyeonggi Province came second with W66.62 million, largely due to Samsung Electronics.

North and South Gyeongsang provinces ranked third and fourth with W63.96 million and W61.34 million. Seoul was fifth with W58.55 million.

Meanwhile, Seoul has the largest wage gap between executives and average workers with executives earning a whopping 5.6 times more at W328.7 million.

englishnews@chosun.com / Apr. 22, 2014 12:42 KST