Average Salaries to Rise W120,000 This Year

  • By Kim Ki-hong

    April 07, 2017 11:47

    The average monthly salary received by full-time permanent workers this year is expected to rise more slowly than in 2016 at around W120,000 (US$1=W1,132).

    The Korea Labor Institute on Thursday said wages paid by companies that employ more than five workers are expected to reach W3.55 million, up 3.5 percent on-year.

    As of last year, there were 16.8 million workers in Korea, of which 14.11 million were classed as "regular" or permanent employees with contracts of at least one year and full benefits.

    "Even if global economic conditions improve this year, Korea's economic growth rate is expected at 2.5 percent, which is a bit lower than last year," a KLI spokesman said. "As a result, the rate of wage increase is expected to be slightly lower than last year's 3.8 percent."

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