ID :
207917
Mon, 09/19/2011 - 06:10
Auther :
Shortlink :
https://oananews.org//node/207917
The shortlink copeid
S. Korean workers' real income growth slows amid high inflation: report
SEOUL, Sept. 19 (Yonhap) -- South Korean workers' monthly wages grew at a faster pace than other major economies last year, but inflation-adjusted income growth was behind other countries due to rising prices, a report showed Monday.
South Korean workers' nominal wages came to 2.02 million won (US$1,810) on average per month last year, up 3.2 percent from a year earlier, according to the report submitted by the finance ministry for an annual parliamentary audit.
The growth rate is higher than major advanced countries. Workers in the United States saw a 2.4 percent gain in their monthly income, while counterparts in Britain and Germany both saw a 2.2 percent increase. French workers saw their monthly income expand 2.1 percent.
South Korean workers' wage growth, however, slowed when income is inflation-adjusted. Their real income grew a mere 0.3 percent last year from a year earlier.
It is far lower that the U.S.'s 2.4 percent gain. The corresponding figure for Britain and Germany both stood at 2.2 percent.
South Korea's inflation remains persistently high, fueled by higher oil and other commodity prices. Its consumer prices jumped 5.3 percent in August from a year earlier, the fastest pace in three years and also up from a 4.7 percent gain in July.
The real income growth here has been on the decline over the past few years. The real income grew 3.4 percent in 2007, but its growth rate slowed to 0.6 percent and even shrank 2 percent in 2009 from a year earlier in the wake of the global financial crisis.
South Korean workers' nominal wages came to 2.02 million won (US$1,810) on average per month last year, up 3.2 percent from a year earlier, according to the report submitted by the finance ministry for an annual parliamentary audit.
The growth rate is higher than major advanced countries. Workers in the United States saw a 2.4 percent gain in their monthly income, while counterparts in Britain and Germany both saw a 2.2 percent increase. French workers saw their monthly income expand 2.1 percent.
South Korean workers' wage growth, however, slowed when income is inflation-adjusted. Their real income grew a mere 0.3 percent last year from a year earlier.
It is far lower that the U.S.'s 2.4 percent gain. The corresponding figure for Britain and Germany both stood at 2.2 percent.
South Korea's inflation remains persistently high, fueled by higher oil and other commodity prices. Its consumer prices jumped 5.3 percent in August from a year earlier, the fastest pace in three years and also up from a 4.7 percent gain in July.
The real income growth here has been on the decline over the past few years. The real income grew 3.4 percent in 2007, but its growth rate slowed to 0.6 percent and even shrank 2 percent in 2009 from a year earlier in the wake of the global financial crisis.
