The income from wage-earning jobs increased by 2.7% two years ago. On average, it amounts to 3.63 million won, marking an increase of 100,000 won compared to a year earlier. This is the smallest growth since statistics began to be compiled in 2016.
According to the '2023 Wage-Earning Job Income (Salary) Results' announced by the Statistics Korea on the 25th, the average monthly income of wage-earning jobs in December 2023 is 3.63 million won, an increase of 100,000 won (2.7%) compared to the previous year.
The average income growth rate increased to ▲3.6% in 2020, ▲4.1% in 2021, and ▲6.0% in 2022 but decreased again to ▲2.7% in 2023.
The median income is 2.78 million won, an increase of 4.1% (110,000 won) from the previous year. The median income growth rate has also declined compared to 2022 (6.9%). The slowdown in income growth is analyzed to be influenced by the decrease in corporate income due to reduced exports in 2023.
By size, the average income of corporations is 5.93 million won, which is an increase of only 0.4% (20,000 won) compared to the previous year. The average income of small and medium-sized enterprise workers rose to 2.98 million won, showing a relatively higher growth rate of 4.3% (120,000 won). This is attributed to the rise in the minimum wage.
The gender income gap has widened. In 2023, the average income of Namsung workers was 4.26 million won, an increase of 3% (120,000 won) from a year earlier. The average income of female workers was 2.79 million won, increasing by 2.8% (80,000 won). The income growth rate for males surpassed that of females, further widening the wage gap.
By age group, income was highest among those in their 40s (4.51 million won), followed by those in their 50s (4.29 million won) and those in their 30s (3.86 million won). The average income growth rate was highest at 5.0% for those under 19, followed by those in their 50s (3.5%) and 40s (3.1%).
By industry, the financial and insurance sector (7.53 million won) and the electricity, gas, steam, and air conditioning supply sector (6.75 million won) recorded the highest income levels, primarily concentrated in large corporations. The accommodation and food services industry (1.81 million won) and the association, organization, and other personal services industry (2.23 million won) showed the lowest. Compared to the previous year, income decreased in the electricity, gas, steam, and air conditioning supply sector (-0.7%) and the financial and insurance sector (-0.6%), while significant growth was recorded in construction (5.6%), accommodation and food services (5.2%), and business facility management (5.2%).
Meanwhile, jobs are a different concept from employment. If an individual works at a company during the week and teaches at an academy on weekends, they would be counted as one employee but have two jobs.