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Although the average monthly wage for regular workers increased in the first half of this year, there was a large gap by industry and size.
On the 25th, the Korea Employers’ Federation announced ‘Analysis of Wage Increases by Size and Industry in the First Half of 2022’. According to the survey, the average monthly wage in the first half of this year increased by 6.1% compared to the same period of the previous year, but there was a big difference in the increase rate by industry and size due to the difference in the rate of increase in special pay including bonuses and performance pay.
In the first half of this year, the average monthly wage (excluding overtime pay) was 3848,000 won, up 6.1% from the same period last year. This is 1.9 percentage points (p) higher than the increase rate last year.
By wage component, the flat-rate pay increase rate was 4.1%, up 1.0%p from the first half of last year. The rate of increase in special pay was 19.1%, which was significantly higher than the 11.8% in the first half of last year. It increased by 33.2% in two years. As for the wage increase rate by size, the average monthly wage increase rate for businesses with 300 or more employees increased by 9.8% compared to the first half of last year, while those with fewer than 300 employees recorded 4.8%, which was regarding half.
[자료=한국경영자총협회]
The Federation of Korean Industries analyzed that the main reason for this difference was the large disparity in the special salary increase rate by size. There was no significant difference in the increase rate by size of the flat-rate benefit.
There were also large differences in the average monthly wage increase by industry. The industry with the highest rate of increase was manufacturing (8.5%) and the lowest was water/sewage/waste/recycling (1.6%).
Compared to the first half of last year, the rate of flat-rate salary increase was 1.4% to 6.5% by industry, and the increase rate of special salary was -8.1% to 31.7%. The main factor in the gap in the increase rate by industry was also more pronounced in the special pay (39.8%p) than in the flat rate (5.1%p), similar to the characteristics by size.
Ha Sang-woo, head of the Economic Research Division, said, “In the first half of this year, we were able to confirm that the gap in special pay, including performance pay, was very large by size and industry. However, it is necessary to adjust and manage it at a reasonable level, as high-priced performance pay centered on some industries and companies can deepen social disparities while giving workers of companies that do not have a sense of relative deprivation.”
[자료=한국경영자총협회]
- reporter information
- Kim Sang-woo
- ksw@ajunews.com
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