S. Korea's real wage rises for 3rd month in December

Xinhua
27 Feb 2025, 12:46 GMT+10

SEOUL, Feb. 27 (Xinhua) -- South Korea's real wage, adjusted for inflation, rose for the third consecutive month due to the relatively low headline inflation, labor ministry data showed Thursday.

The per-capita nominal monthly average wage in businesses with one or more regular employees gained 4.0 percent over the year to 4,608,000 won (3,190 U.S. dollars) in December 2024, according to the Ministry of Employment and Labor.

The real monthly wage expanded 2.0 percent in December on a yearly basis, after going up 2.1 percent in October and 0.8 percent in November.

The country's consumer price inflation stayed below the central bank's midterm inflation target of 2.0 percent, with 1.3 percent in October, 1.5 percent in November and 1.9 percent in December 2024.

For the whole year of 2024, the real wage added 0.5 percent to 3,573,000 won (2,480 dollars), rebounding in three years after retreating 0.2 percent in 2022 and 1.1 percent in 2023.

The monthly average working hours per employee in the businesses grew 3.3 percent over the year to 157.8 hours in December 2024.

The mining industry recorded the longest monthly working hours of 173.6, followed by the manufacturing industry with 172.9 hours.

The construction industry logged the shortest working hours of 131.9 in the cited month.

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