Women's Salaries at Major Conglomerates Surpass 70% of Men's, but the Gap Remains Due to These Reasons

Leaders Index Analysis
Last Year, Average Salary for Women Was 74.05 Million Won, for Men 105.61 Million Won

For the first time, the average salary of women at major domestic conglomerates has surpassed 70% of that of men. However, the annual salary of women based on years of service still remains lower than that of men.

Asia Economy DB

According to a survey released on April 22 by Leaders Index on the average annual salary and years of service for male and female employees at Korea's top 500 companies, the average annual salary for women in 2024 was 74.05 million won, which is 70.1% of the average for men (105.61 million won). This figure is 1.5 percentage points higher than the 68.6% recorded in 2023, and also an increase compared to 66.9% two years ago, indicating a narrowing wage gap.

However, when looking at years of service, the gender gap remains significant. The average years of service for women was 9.2 years, which is 77.3% of that for men (11.9 years), but their annual salary was only 70.1% of that of men.

By industry, the gap was particularly pronounced in sectors such as trading, securities, insurance, transportation, and banking. In the trading sector, the average years of service for women was 11.3 years, longer than that of men (10.1 years), but the average annual salary for women was 70 million won, only 60.8% of that for men (115.1 million won).

In the securities industry, women also had a longer average years of service at 10.8 years compared to men (10.3 years), but their annual salary was 9.9 million won, which is 65% of the men's average (15.2 million won). In insurance, the average years of service for both women and men were similar at 13 years and 13.1 years, respectively. However, women's annual salary was 8.8 million won, or 67.5% of the men's average (13.1 million won). In transportation, the average years of service for women (9.5 years) was 92.6% of that for men (10.2 years), but the annual salary for women was 6.4 million won, only 66.2% of the men's average (9.7 million won).

In banking, the average years of service was similar for men (15.4 years) and women (14.5 years), but men's annual salary was 128 million won, 24.5% higher than that of women (97 million won).

Leaders Index stated, "Gender imbalance in organizational status and compensation systems persists," adding, "While salary levels are gradually improving, the structure in which men hold an advantage in opportunities and positions continues."