In August, South Korea's real wages increased for a fifth consecutive month, driven by slowed inflation.
In August, South Korea reported a fifth consecutive monthly increase in real wages, driven by slower inflation. The average nominal monthly wage rose 3.4% year-on-year to 3,870,000 won (approximately $2,810). Real wages grew 1.4%, reflecting a decline in consumer price growth from 2.6% in July to 2.0% in August. Meanwhile, average working hours per employee decreased by 3.4% to 155.7 hours, with variations across industries.
October 31, 2024
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