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Households' Earned Income Slipped 1.1% in Q3

Written: 2020-11-19 14:11:06Updated: 2020-11-19 14:48:50

Households' Earned Income Slipped 1.1% in Q3

Photo : YONHAP News

New data found that households’ earned income slipped one-point-one percent in the third quarter when COVID-19 cases saw a resurgence. 

Statistics Korea disclosed the figure on Thursday as it estimated that a household’s average monthly income grew one-point-six percent on-year in the third quarter to reach five-point-three million won.  

Though household income and business income both declined in the third quarter, overall household income surged after current income and non-current income saw growth.  

The statistics agency cited that the drop in earned income was the sharpest posted for the third quarter since 2003.  

In particular, the agency said the income gap grew with households in the lowest of the five income brackets seeing their earned income slip significantly.  

The agency said those households’ earned income slipped nearly eleven percent from the same period last year to 553-thousand won a month while households in the fifth bracket only saw their earned income fall point-six percent to some seven-point-four million won a month.

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