Construction Industry Wages to Rise 5% in the Second Half of the Year

[Asia Economy Reporter Yoo In-ho] Construction industry wages in the second half of this year increased by 5.0% compared to the same period last year.

According to the results of the 2020 second half construction industry wage survey announced by the Korea Construction Association on the 4th, the average daily wage across all 127 occupations (including 4 newly established) rose by 5.0% compared to the same period last year. Looking at the average wage status by sector, among the total 127 occupations, the 91 general construction occupations, which account for the largest proportion, increased by 2.87% compared to the previous half-year. Wages in optoelectronics rose by 3.89%, cultural heritage by 0.49%, while nuclear power decreased by 0.89%.

The Korea Construction Association explained that despite the domestic shortage of skilled construction workers, the continuous contraction of the construction market and the resulting decrease in labor demand are suppressing wage increases in the construction industry.

The statistics from this construction industry wage survey were collected by investigating wages of construction workers at 2,000 construction sites nationwide in May, and can be applied to construction cost calculations from September 1.

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