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S. Korea's Real Wage Slips for First Time Since 2011

Written: 2023-02-28 14:09:02Updated: 2023-02-28 15:56:34

S. Korea's Real Wage Slips for First Time Since 2011

Photo : KBS News

Real wages in the nation fell for the first time since related statistics began to be compiled.

According to the labor ministry’s survey of business’ workforce, the average monthly salary was estimated at around three-point-eight million in 2022, representing a four-point-nine percent increase in the nominal wage over the same period last year.

In terms of the real wage, which reflects the inflation rate, however, a worker’s monthly salary was found to have slipped zero-point-two percent, the first decline since 2011 when the government began to track such data.

Calculated by dividing the nominal wage rise by the consumer price index, the real wage witnessed a drop after the nation’s annual inflation rate of five-point-one percent surpassed the nominal wage increase.

The survey also found that a worker’s monthly working hours stood at 158-point-seven hours on average in 2022, two hours less than the previous year.

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