S. Korea’s real wages rise in June for 3rd month

South Korea’s real wages, adjusted for inflation, increased for the third consecutive month in June, driven by slower inflation, according to the Ministry of Employment and Labour. The nominal average monthly wage in businesses with regular employees rose 3.3 per cent year-over-year (YoY) to 3,861,000 won ($2,890).

Real wages grew by 0.9 per cent in June compared to the previous year, following increases of 1.4 per cent in April and 0.5 per cent in May.

The consumer price index (CPI) climbed 2.4 per cent YoY in June, down from 2.9 per cent in April and 2.7 per cent in May. Despite this, real wages decreased by 0.4 per cent over the first half (H1) of 2024 compared to the same period last year.

Average monthly working hours per employee fell by 7.4 per cent YoY to 147.5 hours in June. On the other hand, the mining industry reported the highest average working hours at 163.7, followed by manufacturing at 162.7, while construction had the lowest at 120.9 hours.

Attribution: Xinhua News Agency

Subediting: M. S. Salama