SEOUL, Feb. 29 (Xinhua) -- South Korea's real wage, adjusted for inflation, fell for the second consecutive year amid high inflation, the country's labor ministry data showed Thursday.

The per-capita nominal monthly average wage in businesses with one or more regular employees gained 2.5 percent over the year to 3,966,000 won (2,970 U.S. dollars) in 2023, according to the Ministry of Employment and Labor.

The real monthly wage shrank 1.1 percent to 3,554,000 won last year after sliding 0.2 percent in the previous year.

In 2023, the consumer price index (CPI) advanced 3.6 percent compared to the previous year, faster than the nominal wage growth.

The monthly average working hours per worker in the businesses retreated 1.6 percent from a year earlier to 156.2 hours in 2023.

The manufacturing industry recorded the longest monthly working hours of 170.5, trailed by the water, sewage and waste disposal sector with 170.0 hours. The construction industry logged the shortest working hours of 128.7 last year. (1 South Korean won equals 0.00075 USD) Enditem

Related

Go to Forum >>0 Comment(s)