Average Daily Wage of Small and Medium Manufacturing Businesses in the Second Half: 105,773 Won... Up 4.6% YoY

[Image source=Yonhap News]

The average daily wage for small and medium-sized manufacturing enterprises in the second half of this year was 105,773 KRW, marking a 4.6% increase compared to the same period last year.

The Korea Federation of SMEs announced on the 26th the results of the "2023 Second Half Wage Survey by Occupation," conducted from September 10 to the 27th of last month, targeting 1,400 small and medium manufacturing companies (with sales of 3 billion KRW and more than 10 regular employees).

The average daily wage of production workers across 129 occupations in small and medium manufacturing was 105,773 KRW, up 1% from the first half (104,708 KRW) and 4.6% compared to the same period last year (101,116 KRW).

Among major occupations, the daily wage for team leaders was 128,038 KRW, a 2% increase from 125,583 KRW in the first half of this year. For parts assemblers(first half 92,152 KRW → second half 92,341 KRW) and simple labor workers (first half 86,303 KRW → second half 86,008 KRW), the results were similar to those of the first half.

By amount, the average daily wage for ‘Electric, Electronics and Mechanical Quality Controllers’ was the highest at 150,218 KRW. ‘Die-casting workers’ had the lowest at 79,207 KRW.

The announced survey wages will be applied as the standard labor cost unit price for contracts with the state as a party starting January 1, 2024. Detailed survey wages by occupation and explanatory reports can be found on the Korea Federation of SMEs website.

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