April 20, 2024
Economy
Korea’s income gap widens
[THE INVESTOR] The income gap between the top and bottom groups is widened for the first time since 2008, with the bottom group’s income falling by the largest margin on record.
According to Statistics Korea, the income of the bottom 20 percent fell 5.6 percent year-on-year in 2016. This is the largest drop in the group’s average monthly income recorded since nationwide data was collected since 2003.
With the drop, the average monthly income of the bottom group came to just under 1.45 million won (US$1,281). The statistics office attributed the fall to decreasing profitability of small businesses, and dwindling number of part-time and day-labor jobs.
In contrast, the average monthly income of the top 20 percent increased 2.1 percent over the same period to come in at nearly 8.35 million won.
By Choi He-suk (cheesuk@heraldcorp.com)
According to Statistics Korea, the income of the bottom 20 percent fell 5.6 percent year-on-year in 2016. This is the largest drop in the group’s average monthly income recorded since nationwide data was collected since 2003.
With the drop, the average monthly income of the bottom group came to just under 1.45 million won (US$1,281). The statistics office attributed the fall to decreasing profitability of small businesses, and dwindling number of part-time and day-labor jobs.
In contrast, the average monthly income of the top 20 percent increased 2.1 percent over the same period to come in at nearly 8.35 million won.
By Choi He-suk (cheesuk@heraldcorp.com)
