South Korea Posts Drop in July Real Wages
(MENAFN) South Korea's real wages, adjusted for inflation, declined in July, marking the first drop in five months, according to data released Tuesday by the Ministry of Employment and Labor.
The nominal average monthly wage per worker in businesses with at least one regular employee fell by 1.0% year-on-year, settling at 4,213,000 won (approximately $3,000).
After rising for four consecutive months, real wages saw a 3.1% decrease in July compared to the same month in 2023.
In recent months, consumer price inflation has remained near the central bank’s target of 2%, with figures recorded at 2.1% in April, 1.9% in May, 2.2% in June, and 2.1% in July.
The average monthly working hours per employee also showed a slight decrease, falling 0.1% to 168.9 hours in July from the same month a year earlier.
Among industries, the water, sewage, and waste disposal sector recorded the longest working hours, averaging 184.3 hours per month. The manufacturing sector followed with 182.6 hours, while the construction industry had the shortest working hours, logging an average of 138.9 hours.
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