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Income Disparity Reaches Widest Level in 11 Years

Written: 2018-11-22 15:21:31Updated: 2018-11-22 15:42:38

Income Disparity Reaches Widest Level in 11 Years

Photo : KBS News

Statistics Korea has released data indicating the country is experiencing its biggest income disparity in more than a decade. 

Nominal income of households in the lowest 20 percent income bracket stood at some one-point-32 million won in the third quarter, down seven percent from a year ago. Earned income dropped 22-point-six percent to a monthly average of 479-thousand won, while income from operating businesses decreased 13-point-four percent. 

By contrast, nominal income of top 20 percent households increased eight-point-eight percent to a monthly average of more than nine-point-seven million won. 

Each household in the top bracket has more than two employed people, up three-point-four percent, compared to a year earlier, leading to higher earnings.

Income disparity between the two groups .

The distribution ratio for disposable income, a key barometer of earnings equality, grew zero-point-34 times from a year ago to its widest gap since 2007.

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