Annual Employee Salary of Korea's Biggest Firms Jumps 20% over 4 Years
Time for wages to rise for Korean workers? Though the Korea Exchange reports that workers at the biggest firms in Korea saw wages rise 20% over the past four years, it seems on paper that the big firms can afford even more. Revenue per employee averages about $1 million. That's a level that few firms other than Apple Computer can pull off!
SEOUL, Oct. 31 (Yonhap) -- Employees of South Korea's top-cap companies have seen their salaries surge 20 percent over the past four years, with the firms' payrolls rising nearly 8 percent, data showed Monday.
According to the data by the stock market operator Korea Exchange, the per-capita annual salary of workers at the 88 largest firms by market capitalization averaged 73.5 million won (US$64,100) in 2015, compared with 61.2 million won four years earlier.
Their average workforce came to 8,633 last year, up 7.9 percent from 2011, with their employees' continuous service years averaging 10.1 years, up 4.1 percent.
Last year, the average annual salary of employees of 678 companies listed on the main stock market stood at 54.6 million won with their workers having 9.2 years of continuous service.
Per-capita sales of the 88 companies dropped 0.44 percent from 2011 to 1.18 billion won, while per-capita operating profit and net income gained 1.37 percent and 15.05 percent, respectively.
The data also showed sales of the firms have been on the decline after peaking in 2013, but their earnings have improved thanks to restructuring and cost-cutting efforts. Their average sales rose 7.47 percent over the cited period to 10.2 trillion won, with operating profit gaining 9.42 percent to 729.2 billion won and net income soaring 24.18 percent to 696.9 billion won.