Women Still Paid 1/3 Less Than Men

      September 02, 2021 13:31

      Korean women are still paid over one-third less than their male counterparts in big companies.

      The gender pay gap was revealed by the Ministry of Gender Equality and Family on Wednesday based on analysis of last year's wages at 2,149 listed companies.

      It shows that while men were paid a respectable W79.8 million on average last year, their female counterparts earned only W51.11 million on average (US$1=W1,159). That means women were paid a whopping 35.9 percent less than men, and while the gap shrank a nugatory 0.8 percentage points from a year earlier, that was still nearly three times as high as the average gender pay gap of 12.8 percent in the OECD.

      A ministry spokesperson said the main reason is the seniority-based pay scale, which means that even though a lot more women now work, they are often not in the job as long as their male counterparts.

      Men worked for 12.2 years on average, which is also about one-third longer or 32.6 percent than women, who worked for just 8.2 years. The gap is more glaring in banking and insurance, where women worked 10.1 percent fewer years than men but were paid 41.4 percent less.

      "A lot of women work in banking and insurance, but women take up a mere 17.9 percent of all managers, which is even lower than the overall average of 20.9 percent," the spokesperson added.

      In public agencies, male workers were paid W77.6 million on average, 27.8 percent more than women's W56.1 million.

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