Average Monthly Wage of Wage Workers 3.2 Million Won... SMEs at Half the Level of Large Corporations

[Asia Economy Sejong=Reporter Kim Hyewon] The average monthly wage for paid workers was 3.2 million won in 2020, showing a 3.6% increase compared to the previous year.

One in four paid workers earned less than 1.5 million won per month. The monthly salary of workers at small and medium-sized enterprises (SMEs) was only half that of large corporations.

According to the "2020 Paid Worker Job Income (Wage) Results" announced by Statistics Korea on the 21st, the average monthly income of workers engaged in paid jobs as of December 2020 was 3.2 million won, an increase of 3.6% (110,000 won) from one year earlier.

The median income, representing the midpoint of all paid workers' incomes, was 2.42 million won, up 3.5% (80,000 won) from the previous year. By income bracket, workers earning between 1.5 million and less than 2.5 million won per month accounted for the largest share at 27.9%.

Workers earning less than 850,000 won per month made up 13.9%, and those earning between 850,000 and less than 1.5 million won accounted for 10.2%. Thus, one in four paid workers (24.1%) earned less than 1.5 million won monthly.

Low-wage workers earning less than 50% of the median income accounted for 19.9%. Conversely, high-wage workers earning 150% or more of the median income made up 29.4%.

By company size, workers at large corporations had the highest average monthly income at 5.29 million won. Workers at SMEs earned an average of 2.59 million won per month, about half that of large corporations.

This wage gap widened with the age of workers. Among those in their 50s, the average income at large corporations (6.87 million won) was about 2.5 times that of SMEs (2.8 million won).

The gender wage gap, with men earning more than women, persisted. Male workers earned an average of 3.71 million won per month, about 1.5 times that of female workers (2.47 million won). The proportion of workers earning less than 1.5 million won monthly was higher among women (28.9%) than men (20.6%).

Even within large corporations, men earned an average of 5.99 million won per month, while women earned 3.7 million won. The income difference between men and women (male average income minus female average income) was largest among workers in their 50s at 1.97 million won. The gender wage gap increased with age: 200,000 won in their 20s, 660,000 won in their 30s, and 1.54 million won in their 40s.

By industry, paid workers in the finance and insurance sector had the highest average monthly income at 6.6 million won. This is the first time since related statistics began in 2016 that finance and insurance topped the industry income rankings.

Following were electricity, gas, steam, and air conditioning supply (6.57 million won), and international and foreign organizations (4.78 million won). The industry with the lowest average income was accommodation and food services, with a monthly average income of 1.63 million won. Worker incomes decreased in public administration (-5.9%) and transportation and warehousing (-0.3%).

Cha Jin-sook, head of the Administrative Statistics Division at Statistics Korea, said, "The sharp increase in income for finance and insurance workers was influenced by the stock market boom in 2020. However, in transportation and warehousing, incomes declined likely due to unpaid leave increasing at major airlines amid the impact of COVID-19."

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