South Korea Sees Recovery in March Real Wages
(MENAFN) South Korea experienced a recovery in real wages in March, after adjusting for inflation, according to data released Thursday by the labor ministry.
The average monthly nominal wage per worker at companies with at least one full-time employee rose by 3.1 percent year-over-year, reaching 4,136,000 won (approximately 2,990 U.S. dollars). This marks a turnaround from a 5.4 percent drop recorded in February, the Ministry of Employment and Labor reported.
Real wages, which account for inflation, increased by 1.1 percent in March compared to the same month a year earlier. This reversed the 7.3 percent decline seen in February.
Consumer prices have remained close to the Bank of Korea’s inflation target of 2 percent in recent months, with inflation rates recorded at 2.2 percent in January, 2.0 percent in February, and 2.1 percent in March.
Average monthly working hours per employee slightly decreased, falling 0.4 percent to 153.3 hours in March from a year earlier.
Among industries, manufacturing posted the highest monthly working hours at 168.3, followed by the water, sewage, and waste management sector at 167.2 hours.
Meanwhile, the construction industry registered the lowest average working hours in March, at 129.8.
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