[Ordinary People Report] Worst Recession, Increase in Dual Job Holders Amid Tight Finances

Shinhan Bank '2020 Ordinary People's Financial Life Report'
Proportion of Dual Job Holders Increased from 8.1% in 2018 to 10.2% in 2019... 65.7% Are Livelihood Workers
Main Job Income 2.28 Million KRW per Month with Additional 540,000 KRW Monthly Income from Working 1.5 Hours More Daily

[Asia Economy Reporter Haeyoung Kwon] As household finances become tight due to reduced monthly income from the 52-hour workweek system, economic recession, and employment insecurity, one out of ten economic participants is active as a 'two-jobber,' working both a main job and a side job. However, even with two jobs, the average monthly income earned from the side job was only 540,000 KRW, about one-quarter of the main job income (2.28 million KRW).

According to the '2020 Ordinary People’s Financial Life Report' published by Shinhan Bank on the 27th, the proportion of two-jobbers increased from 8.1% in 2018 to 10.2% last year.

The percentage of respondents planning to have a two-job setup in the future was also as high as 24.5%. This means that one-third of economically active people are either currently two-jobbers or potential two-jobbers.

The main reason for those currently holding two jobs to work both main and side jobs was for livelihood purposes to secure necessary funds, accounting for 65.7%. This was followed by leisure purposes at 11.8%, self-development at 11.7%, and hobbies at 10.8%.

The main job occupations of two-jobbers were predominantly office workers and public officials at 45.7%, followed by freelancers at 16.6%, self-employed at 15.5%, and sales, service, skilled, and production workers at 11.8%.

Shinhan Bank explained, "Livelihood-type two-jobbers have a relatively high proportion of self-employed people with irregular income, while leisure-type two-jobbers tend to be professionals with higher income levels, showing differences in two-job types depending on the characteristics of the main job. The side jobs of livelihood-type two-jobbers were mostly substitute drivers, delivery workers, home-based side jobs, and office assistants."

By type of two-jobber, leisure-type side jobs were mainly part-time instructors at academies, self-development types were translators/interpreters, and hobby types were tutors trading hobbies and talents, each ranking first in side job occupations.

The average monthly income from the main job for two-jobbers was 2.28 million KRW, which was 950,000 KRW less than the 3.23 million KRW monthly income of single-job workers. However, by investing an average of 45.5 hours per month in side jobs, they earned an additional 540,000 KRW, bringing total income to 2.82 million KRW. This is still 410,000 KRW less than that of single-job workers.

The side job wage for two-jobbers, when converted to an hourly rate, was about 12,000 KRW. This is 1.4 times higher than the 2019 minimum hourly wage of 8,350 KRW. They had to work an additional 1 hour and 30 minutes every day for 30 days outside their main job activities.

The average monthly income of those planning to have two jobs in the future was 3.1 million KRW, and they hoped to earn an additional 1.09 million KRW through side jobs.

A Shinhan Bank official said, "The reduction in monthly income due to the 52-hour workweek, economic recession, and employment market insecurity likely influenced the choice to have two jobs. Since two-job wages can be higher when utilizing skills or personal strengths from the main job, although balancing main and side jobs is not easy, the number of two-jobbers is expected to increase."

This content was produced with the assistance of AI translation services.