The Wage Gap Between Large and Medium Enterprises Is This Much... More Than Double Jump

2022 Monthly Income of Wage Workers: 3.53 Million Won

Illustration by Kim Dahee

In 2022, the monthly income of wage workers increased by 6.0% to 3.55 million KRW. In particular, the income of workers in small and medium-sized enterprises (SMEs) rose by 7%, leading to a 6.9% increase in median income. However, despite this, the income gap between large corporations and SMEs widened, with employees at large companies earning 3.05 million KRW more per month than those at SMEs.

According to the "2022 Wage Worker Job Income (Compensation) Results" released by Statistics Korea on the 27th, the average income of workers employed in wage jobs as of December 2022 was 3.53 million KRW, a 6.0% (200,000 KRW) increase from the previous year.

The median income was 2.67 million KRW, up 6.9% (170,000 KRW) from the previous year.

By company size, SMEs recorded the largest increase with a 7.2% (190,000 KRW) rise, reaching 2.86 million KRW per month. Large corporations saw a 4.9% increase to 5.91 million KRW, while non-profit organizations increased by 3.3% to 3.46 million KRW.

However, the monthly wage gap between large corporations and SMEs widened compared to the previous year. The wage gap, which was 2.97 million KRW in 2021, expanded to 3.05 million KRW in 2022.

The industry with the highest average income was finance and insurance at 7.57 million KRW. This was followed by electricity, gas, steam, and air conditioning supply industries at 6.8 million KRW, and international and foreign organizations at 5.15 million KRW. On the other hand, the accommodation and food service industry had the lowest monthly wage at 1.72 million KRW. The construction industry recorded the highest income growth rate at 12.9% compared to the previous year.

By gender, male workers earned 4.14 million KRW, which is 1.5 times higher than female workers who earned 2.71 million KRW. Compared to the previous year, male workers’ monthly wages increased by 6.5% (250,000 KRW), while female workers’ wages rose by 5.7% (150,000 KRW).

By age group, workers in their 40s had the highest average income at 4.38 million KRW, while those aged 19 and under had the lowest at 920,000 KRW. The largest wage increase was seen in workers in their 60s, with an 8.1% rise to 2.43 million KRW. Workers in their 50s also saw a 7.0% increase, reaching 4.15 million KRW.

For men, the highest average incomes were in their 50s and 40s, while for women, the 40s and 30s age groups had the highest average incomes. Across all age groups, men’s average incomes were higher than women’s, with the largest gender income gap of 2.29 million KRW occurring in the 50s age group.