"Making Ends Meet with Side Jobs on Weekends"…Office Workers Choosing 'Two Jobs' Amid Soaring Prices

Rising Prices and High Interest Rates Increase 'Two-Job Workers'
4 out of 10 Office Workers "Have Side Job Experience"
'Jjantech' Craze Including No-Spending Challenges and Subscription Cancellations

As high inflation continues, more office workers are taking on side jobs in addition to their main work. The photo is unrelated to the specific content of the article. [Image source=Pixabay]

[Asia Economy Reporter Park Hyun-joo] As living costs soar to unprecedented levels, more office workers are seeking side jobs. Following the craze for 'Jjantech' (a combination of 'jjantteun,' meaning frugal, and 'jaetech,' meaning financial technology) to reduce living expenses amid high inflation, people are now looking for additional income outside their main jobs.

According to Statistics Korea on the 9th, the number of people engaged in side jobs reached a record high of 629,610 as of May. This is about 98,000 (18.4%) more than last year and approximately a 65% increase compared to January 2020, just before the COVID-19 outbreak, when the number was 381,314.

It was found that 4 out of 10 office workers have experience with side jobs. In a survey conducted in May by 'New Worker,' a human cloud platform under Incruit, targeting 881 office workers, 41.4% of respondents said they had side job experience to cover living expenses amid high inflation and high interest rates. The most common type of side job among them was 'testing and reviewing' (22.7%).

A man in his 20s, Mr. A, who works part-time proofreading and editing on weekends, said, "I mainly handle simple documents like self-introductions and can earn 20,000 to 50,000 KRW per task. Since it's remote work and doesn't take much time, the income is quite decent."

Mr. B, an office worker in his 30s, recently revealed that he is considering a side job due to increased living expenses. He said, "I saw a news article about a 20-something who was introduced on TV as a savings master, who scrimped and saved to build a lump sum and recently won an apartment lottery. With prices continuously rising, I am thinking, 'Maybe I should earn some money for meals and coffee through part-time work to save up.'"

The recent surge in dining-out prices has increased the lunch expenses burden for office workers. The photo shows office workers moving to have lunch in Myeongdong, Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@

The reason office workers choose side jobs is attributed to the rapid rise in prices and loan interest rates. In the New Worker survey, 78.9% of respondents said they feel a personal financial burden due to high inflation and high interest rates. Among expenditure items, food expenses accounted for the largest share (73.3%), followed by transportation and fuel costs (39.3%), and hobby or cultural activity expenses (35.3%).

Consequently, a Jjantech craze to reduce living expenses has also swept through the 20s and 30s age groups. The 'No-Spending Challenge,' where participants do not spend a single won for a day or a week, has become a trend. They reduce unnecessary expenses by walking short distances and substituting franchise coffee with office coffee, among other measures.

Some have also started cutting food expenses to combat 'Lunchflation' (lunch + inflation). They bring packed lunches or opt for relatively inexpensive meals from convenience stores or supermarket ready-to-eat sections instead of dining out. According to a survey conducted by Incruit in May targeting 1,004 office workers, 9 out of 10 (95.5%) felt burdened by lunch costs. Respondents said they save on food expenses by 'bringing lunchboxes from home' (41.1%) and 'choosing cheaper menu items to reduce spending' (34.9%).

More people are also engaging in 'subscription fee dieting' to cut fixed expenses. This is due to the recent simultaneous increase in fees for music streaming services, OTT services, and others, which has increased the financial burden.

Meanwhile, prices continue to soar daily. According to the 'July Consumer Price Trends' released by Statistics Korea, the consumer price index last month was 108.74 (2020=100), up 6.3% from the same month last year. This is the highest increase since November 1998 (6.8%), when prices surged sharply due to the foreign exchange crisis and rapid currency depreciation.

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