Public Corporation Salaries Soar Despite Dwindling Earnings

  • By Shin Su-ji

    October 02, 2019 12:25

    The average annual salary of workers in Korea's 36 public corporations rose by W6.46 million over the five years from 2014 to 2018, even as their net profits halved (US$1=W1,202).

    According to public agency information website Alio on Tuesday, the average annual salary in state-run companies rose from W71.90 million in 2014 to W78.36 million in 2018.

    Wages at the Korea Racing Authority were the highest with W92.09 million last year, followed by the Korea Hydro and Nuclear Power with W90.48 million, KEPCO with W90.11 million and the Korea Appraisal Board with W89.96 million. If bonuses are similar to last year, the average salary for this year is expected to reach W80.73 million.

    Yet the combined net profits of the public companies dropped from W4.3 trillion to W2 trillion over the same period. At their peak in 2016, public corporations with assets of more than W2 trillion posted a combined surplus of W6.3 trillion. But the figure declined to around W1 trillion in 2017, and last year they posted losses of W1.1 trillion.

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