Wednesday, July 23, 2008

S Korea's wage gap third largest in OECD.

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S Korea's wage gap third largest in OECD. According to the Chosun Ilbo , a report released by the Ministry of Strategy and Finance and the Organisation for Economic Co-operation and Development (OECD), wage earners in S Korea's top decile earned 4.51 times more than those in the bottom decile in 2005. With these figures, S Korea's wage gap is the third largest among twenty countries surveyed. Hungary and the US ranked above S Korea in terms of the wage gap. In 2005, 25.4% of S Korea's workers were in the low income group, the largest percentage among fourteen countries listed in the report. The large wage gap is being attributed to the disparity in the labour productivity levels of large conglomerates on the one hand and small and medium-sized companies on the other.

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Abigail Hofman:

S Korea's wage gap third largest in OECD.

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