Average Daily Wage for Production Workers 95,837 Won... 1.3% Increase Compared to Previous Year

Source=Korea Federation of SMEs

[Asia Economy Reporter Kim Daeseop] The Korea Federation of Small and Medium Business (Kbiz) announced on the 30th that the average daily wage for all surveyed occupations (130 categories) of production workers in small and medium manufacturing enterprises in March 2020 was 95,837 KRW.

This "Wage Survey by Occupation in Small and Medium Manufacturing" average daily wage result was released to provide basic data for labor cost calculation, which serves as the standard for manufacturing cost calculation in contracts with the government as a party. The survey was conducted on 1,400 small and medium manufacturing companies (with sales of 3 billion KRW or more).

The average daily wage of production workers in small and medium manufacturing enterprises in March this year rose by 1.3% compared to 94,631 KRW in March last year, and by 1.1% compared to 94,836 KRW in August. Accordingly, from the second half of the year, small and medium enterprises bidding with the government and public institutions can expect an increase in bid prices corresponding to the rise rate of each occupational unit price.

In particular, the daily wage of simple laborers, who are frequently employed in public simple labor service contracts, was 80,103 KRW in March this year, up 0.7% from August last year. The daily wage of team leaders was 117,914 KRW, an increase of 1.7%. The occupation with the highest wage was CAD designer (circuit), with a daily wage of 129,864 KRW. The occupation with the lowest wage was mold maker (a person who inserts molds and wooden frames to pour mass castings and shapes them using clay), with a daily wage of 74,230 KRW.

A Kbiz official stated, "Detailed information on the surveyed wages and results other than the above occupations can be found on the Kbiz website or the Small and Medium Business Statistics System," and added, "The surveyed wages announced this time will be applied from July 1 of this year."

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