Results of the August 2023 Establishment Labor Force Survey and April Regional Wage and Working Hours Survey
Average Monthly Nominal Wages from January to July Up 2.2%, Real Wages Down 1.5%
The average real monthly wage per worker, reflecting the price level from January to July this year, decreased by 53,000 KRW compared to the previous year. This is due to the inflation rate rising faster than wages.
On the 27th, the Ministry of Employment and Labor announced the results of the August Business Labor Survey and the April Wage and Working Hours Survey by region, containing this information.
On the 13th, as autumn rain fell in the central region, tourists and citizens are walking with umbrellas in Myeongdong, Seoul. Photo by Huh Younghan younghan@
The average real monthly wage per worker, reflecting the price level from January to July, was 3,559,000 KRW, down 1.5% (53,000 KRW) from 3,612,000 KRW in the same period last year. The total average monthly wage per worker at businesses with one or more regular employees from January to July was 3,941,000 KRW, an increase of 2.2% (85,000 KRW) compared to the same period last year, but the consumer price index rose by 3.7% from January to July.
As of the last business day of August, the number of employees at businesses with one or more employees was 19,886,000, an increase of 344,000 (1.8%) compared to 19,542,000 in the same month last year. Regular employees increased by 240,000 (1.5%), temporary and daily workers by 98,000 (5.1%), and other workers by 6,000 (0.5%) compared to the same month last year.
The industries with increased employment were health and social welfare services (101,000; 4.6%), accommodation and food services (61,000; 5.4%), and professional, scientific, and technical services (43,000; 3.4%) in order. The industries with decreased employment were education services (-8,000; -0.5%), construction (-3,000; -0.2%), and electricity, gas, steam, and air conditioning supply (-1,000; -1.1%) in order.
The number of new hires in August was 943,000, a decrease of 18,000 (-1.9%) compared to the same month last year. On the other hand, the number of separations was 943,000, an increase of 44,000 (4.8%). Among new hires, recruitment was 889,000, an increase of 11,000 (1.3%) compared to the same month last year, while other new hires (transfers between headquarters and branches, reinstatements, etc.) decreased by 29,000 (-35.4%) to 53,000. Among separations, voluntary separations (personal reasons, etc.) increased by 27,000 (9.0%) to 323,000 compared to the same month last year, involuntary separations (contract expiration, etc.) increased by 30,000 (5.7%) to 556,000, and other separations (transfers between headquarters and branches, leaves of absence, etc.) decreased by 13,000 (-17.2%) to 63,000.
In July, the average working hours per worker at businesses with one or more regular employees was 158.9 hours, down 2.8 hours (-1.7%) compared to the same month last year. Temporary and daily workers experienced a larger reduction in working hours. The average working hours per regular employee was 166.6 hours, down 1.8 hours (-1.1%), and temporary and daily workers worked 90.4 hours, down 9.3 hours (-9.3%).
An official from the Ministry of Employment and Labor said, "Regular employees are generally affected by changes in the number of working days in the calendar month. Although the number of working days was the same as last year, the decrease in working hours was influenced by reduced working hours in accommodation and food services, among others. For temporary and daily workers, working hours decreased due to reduced hours in construction and an increase in temporary and daily workers in industries with relatively short working hours such as accommodation and food services, and health and social welfare services."
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