Wages in Boom Industries Soar

      April 25, 2017 12:56

      The average salary paid by listed companies has soared 45 percent to around W50 million over the last 10 years (US$1=W1,131).

      According to the Korea Listed Companies Association on Monday, the 1.25 million workers employed by 724 listed companies in Korea earned W87.3 trillion last year, or W56.4 million each. That is up a whopping 45 percent compared to W38.9 million in 2006.

      But most of the increases are salaries for regular jobs in a handful of industries. Ulsan-based Korea Petrochemical had the highest average annual salary of W112 million, even bigger than banks.

      Thanks to the booming petrochemical industry, KP posted W1.6 trillion in sales and W340 billion in operating profit last year, both records. "We have a lot of workers who have been with us for many years, and bonuses were paid last year due to the solid earnings," a staffer said.

      Next came Korean Re (W111.3 million), Hana Financial Group (W111.2 million), S-Oil (111 million) and Shinhan Financial Group (W110 million).

      On average, however, the telecom industry paid the highest wages at W83.6 million. Next were financial companies (81.4 million), electricity and gas companies (W76.6 million) and construction companies (W60.4 million).

      The lowest-paying jobs are in the textile and clothing industry (W38.3 million).

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