Daily Wage of 180,000 Won ... Only 28% of Construction Workers Prepare for Retirement

2022 Construction Workers Comprehensive Living Survey ... Average Age 53.1
Construction Workers "Unable to Prepare for Retirement Due to Lack of Capacity and Ability"

[Image source=Yonhap News]

[Asia Economy Culture Young Intern Reporter] The average age of domestic construction workers has been found to exceed 50 years, with an average daily wage of around 180,000 KRW. Additionally, less than 30% of construction workers are preparing for retirement despite the aging workforce.

The Construction Workers Mutual Aid Association, an agency under the Ministry of Employment and Labor, announced the '2022 Comprehensive Living Conditions Survey of Construction Workers' on the 21st. The survey, conducted in July and August on 1,327 construction workers, examined employment status, working conditions, labor welfare, and family life. The average entry age into construction sites was 37.0 years, while the current average age was 53.1 years.

The average daily wage per person was 181,166 KRW, and the average annual wage income over the past year was 36,797,418 KRW. Compared to the previous survey in 2020, the daily wage increased by 13,257 KRW, and the annual income rose by 2,016,196 KRW. The average number of working days per month was 16.6 during the winter season and 19.9 during spring, autumn, and summer. The annual average number of working days was identified as 224.2 days.

Although the average age of construction workers is 53.1 years, indicating ongoing aging, only 28.0% responded that they are preparing for retirement. This is a significant decrease from 43.6% two years ago, showing that 72% of construction workers are not preparing for their retirement. The main reason for not preparing was 'lack of capacity or ability,' accounting for 83.9%. The Mutual Aid Association emphasized the need to strengthen the retirement mutual aid system as a formal retirement measure.

Regarding the availability of convenience facilities at work sites, restrooms were available at 90.9% of sites, but showers were only available at 34.7%. Concerning Sunday work, 49.9% responded that they do not work on Sundays to rest, which is a 10.6 percentage point increase compared to two years ago. Meanwhile, the welfare services most desired by construction workers were 'increase in retirement mutual aid funds' at 25.6%, followed by financial support (13.9%) and job placement assistance (8.6%).