When the Average Monthly Wage of Workers Rises by 130,000 Won, 'Finance and Insurance' Jumps by 660,000 Won

Statistics Korea, 2021 Wage Worker Job Income Results

The average monthly income of wage workers increased by 130,000 KRW, while the monthly salary in the finance and insurance sector rose by 660,000 KRW.

On the 28th, Statistics Korea announced the '2021 Wage Worker Job Income (Compensation) Results' containing this information.

The statistics cover workers who worked at least one day in wage jobs in December 2021. 'Income' refers to the compensation paid by employers to workers for labor provided, and the aggregated figures represent pre-tax monthly income.

The average income of workers employed in wage jobs in December 2021 was 3.33 million KRW, an increase of 4.1% (130,000 KRW) compared to the previous year. The median income was 2.5 million KRW, up 3.3% (80,000 KRW) from the previous year.

By income bracket, 26.3% earned between 1.5 million and less than 2.5 million KRW, the largest group, followed by 17.8% earning between 2.5 million and less than 3.5 million KRW, and 13.8% earning less than 850,000 KRW.

Income increased more for workers in large companies. The average income of large company workers was 5.63 million KRW, up 350,000 KRW (6.6%) from the previous year, while small and medium-sized enterprises saw an increase from 2.59 million KRW to 2.66 million KRW, an 80,000 KRW (2.9%) rise during the same period.

By industry, finance and insurance (7.26 million KRW), electricity, gas, steam, and air conditioning supply (6.63 million KRW), and international and foreign organizations (5.15 million KRW) had the highest average incomes. The finance and insurance sector had the highest average income growth rate at 10% (660,000 KRW) compared to the previous year.

The average income of male workers was 3.89 million KRW, approximately 1.5 times that of females (2.56 million KRW). The year-on-year average income growth rate for men was 4.7%, 1.0 percentage point higher than that of women (3.7%).

By age group, workers in their 40s had the highest average income at 4.14 million KRW, followed by those in their 50s (3.88 million KRW), 30s (3.61 million KRW), 20s (2.4 million KRW), and 60 and older (2.25 million KRW).