2023 South Korea corporates experience reduced labor cost growth due to decreased bonuses.

In 2023, South Korea saw a slowdown in corporate labor cost growth, primarily due to reduced bonuses. The average monthly labor cost for businesses with over 10 employees rose by 1.9% to 6,131,000 won (about $4,700), down from previous years. Direct labor costs increased by 2.7%, while indirect costs fell by 1.1%. The finance and insurance sectors reported a 6.3% decline in labor costs, contrasting with growth in manufacturing and construction.

September 30, 2024
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