{"id":2200598,"date":"2023-04-03T08:00:43","date_gmt":"2023-04-02T23:00:43","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200598"},"modified":"2023-04-05T16:07:46","modified_gmt":"2023-04-05T07:07:46","slug":"south-koreas-real-wages-slipped-by-5-5-due-to-inflation","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/04\/south-koreas-real-wages-slipped-by-5-5-due-to-inflation\/","title":{"rendered":"South Korea\u2019s real wages slipped by 5.5% due to inflation"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s Ministry of Employment and Labor released a <\/span><a href=\"http:\/\/laborstat.moel.go.kr\/lsm\/bbs\/selectBbsDetail.do?sysId=0010001&amp;prdctnId=&amp;svyOdr=0&amp;bbsId=LSS106&amp;bbsSn=1253&amp;selectMenuId=0010001100116&amp;menuId=0010001100116&amp;upperMenuId=0010001100&amp;leftMenuId=0010001100\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> last Thursday showing that South Koreans\u2019 inflation-adjusted real wages have fallen by 5.5% since last year. Real wages fell for 10 consecutive months since April 2022 due to <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230328008251320?section=search\"><span style=\"font-weight: 400;\">inflation<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The report also showed that full-time workers worked an average of 2.9 hours less compared to a year ago, resulting in falling wages. An official from the Ministry of Labor <\/span><a href=\"https:\/\/biz.sbs.co.kr\/article\/20000110856\"><span style=\"font-weight: 400;\">explained<\/span><\/a><span style=\"font-weight: 400;\">, \u201cThe nominal wage itself fell by 0.6%, and the inflation rate decreased by 5.2%, leading to a decrease in real wages.\u201d<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Ministry of Employment and Labor\u2019s finding confirms that the current bout of inflation is driven by rising prices, not workers\u2019 wages. Following the ministry\u2019s report, the ruling People Power Party (PPP) and the government agreed to <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230331005151315?section=search\"><span style=\"font-weight: 400;\">postpone raising utility bills<\/span><\/a><span style=\"font-weight: 400;\"> amid high inflation trends and a slowing economy. However, PPP lawmaker Park Dae-chul said that an eventual hike in electricity and gas bills is inevitable. President Yoon Suk-yeol <\/span><a href=\"https:\/\/www.koreaherald.com\/view.php?ud=20230215000616\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\"> in February that the government would freeze public utility fees, including highway tolls and postal and railroad fees, for the first half of this year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bank of Korea (BOK) will also likely come under pressure to increase its policy rate again to tame inflation further and mitigate capital outflow. The U.S. Federal Reserve <\/span><a href=\"https:\/\/www.cnbc.com\/2023\/03\/22\/heres-everything-the-federal-reserve-is-expected-to-do-wednesday.html\"><span style=\"font-weight: 400;\">raised<\/span><\/a><span style=\"font-weight: 400;\"> its key short-term interest rate by a quarter percentage point to 5% on March 22. The BOK has held interest rates steady at 3.5% since January.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s Ministry of Employment and Labor released a report last Thursday showing that South Koreans\u2019 inflation-adjusted real wages have fallen by 5.5% since last year. Real wages fell for 10 consecutive months since April 2022 due to inflation. The report also showed that full-time workers worked an average of 2.9 hours less compared to [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2199791,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2200598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s real wages slipped by 5.5% due to inflation - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/04\/south-koreas-real-wages-slipped-by-5-5-due-to-inflation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s real wages slipped by 5.5% due to inflation - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s Ministry of Employment and Labor released a report last Thursday showing that South Koreans\u2019 inflation-adjusted real wages have fallen by 5.5% since last year. 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