“The wage gap between industries is bigger in Korea than in the EU and Japan”

The wage gap between industries in Korea, Japan and the EU. Korea Employers Federation.

The wage gap by industry is relatively large in Korea compared to the European Union (EU) and Japan.

According to the ‘International Comparison of Wage Levels by Industry in Korea, Japan, and EU’ published by the Korea Employers Federation on the 6th, finance and insurance, professional, scientific and technological services, and information and communication industries were the three high-wage industries in Korea, Japan, and the EU. In particular, the wage in the financial and insurance industry was $7373 in Korea, 6.7% higher than in the EU ($6912) and 53.4% ​​higher than that in Japan ($4807).

The lodging and restaurant industry was found to be the industry with the lowest wages in all three countries. The wage level in the lodging and restaurant industry in Korea was 2704 dollars, which was lower than the EU (2858 dollars) and Japan (2765 dollars).

As a result, the wage gap was the largest in Korea. Assuming that the wage of the industry with the highest wage by country is 100, the wage level of the lodging and restaurant industry was the largest in Korea at 36.7. The EU and Japan recorded 41.4 and 55.5, respectively. The wage level of the second-placed workers in the highest-paid industries was also lower than that of Japan (97.5) and the EU (90.2), with only 81.7 in Korea.

In terms of purchasing power parity (PPP) exchange rate, the total monthly wage for workers in all industries (excluding overtime pay) in Korea was $ 4478.7, similar to that in the EU ($ 4534.5) and higher than that in Japan ($ 3785.8). However, based on the market exchange rate (annual average), Japan’s 3588.8 dollars, the European Union’s 3453.1 dollars, and Korea’s 3123.6 dollars were in order. The average wage for all industries as a percentage of GDP per capita was 118.5% in Korea, 107.0% in Japan, and 91.7% in the EU.

Reference-www.khan.co.kr

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