Income Gap Between Big and Small Firms Shrinks

  • By Kim Kang-han

    September 23, 2019 13:25

    About 490,000 salaried workers in Korea earned over W100 million in 2018, 50,000 more workers than a year earlier (US$1=W1,190).

    The Korea Economic Research Institute on Sunday said analysis of data from the Ministry of Employment and Labor shows the average annual salary of Korea's 15.44 million workers last year rising 4.6 percent to W36.34 million.

    The top 10 percent of salaried workers raked in W69.5 million or more, while the top 3.2 percent took home W100 million and upwards. In 2017, the proportion of those earning over W100 million was slightly smaller at 2.9 percent or 440,000.

    Conglomerates paid an average of W64.87 million to each worker, W270,000 more than in 2017. Due to the increase in the minimum wage, workers at small and medium-sized firms got a bigger pay raise of W1.76 million to W37.71 million.

    With that the income gap slightly narrowed as workers at smaller companies took home 58.1 percent of what conglomerate employees earned, up from 55.7 percent.

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