Downtown Seoul Workers Earn Fattest Paychecks

The median monthly wage of salaried workers in Seoul last year stood at W2.23 million, with workers in downtown Gwangwhamun at the top of the pay scale (US$1=W1,068).

Shinhan Bank released the latest pay scale map on Wednesday based on analysis of 1.55 million registered residents in Seoul.

The median salary in Gwanghwamun stood at W4.57 million, followed by 3.91 million in the finance district of Yeouido and only W3.11 million in wealthy Gangnam.

Those who earn fat paychecks downtown then often go home to Gangnam south of the river, while one out of three workers in Gangnam also live in the area. But a vast low-paid service industry supports their comfort, which explains the lower average wage there.

The median pay in major conglomerates stood at W3.48 million, in audited small and mid-sized companies at W2.79 million, and at 2.2 million at SMEs that are not audited.

The median entry-level salary was W1.95 million. Paychecks rose steadily among workers until they earned W3.27 million at the age of 41 to 45, and then started to decline to W3.22 million at age 46 to 50. The curve is attributed to large numbers of people in their late 40s quitting or moving to other jobs.

Among the self-employed, median earnings were W1,72 million. Gangnam had the highest with W2.98 million, and in the trendy Garosugil neighborhood they made W3.89 million.