South Korea Sees Surge in October Real Wages
Workers at companies employing one or more regular staff members saw their average monthly nominal compensation climb 7.2 percent year-over-year to 4,203,000 won (approximately 2,920 U.S. dollars) in October, according to the Ministry of Employment and Labor. This marked a dramatic acceleration from September's modest 0.7 percent gain.
Real wages—accounting for purchasing power after inflation—jumped 4.7 percent in October compared to the same period last year, reversing September's 1.4 percent contraction. The turnaround reflects both stronger pay growth and moderating price pressures across the economy.
Consumer price inflation has stabilized near the central bank's 2 percent target in recent months, registering 2.2 percent in June, 1.7 percent in August, and 2.4 percent in October.
Meanwhile, average monthly working hours per employee at businesses decreased 8.8 percent to 138.9 hours in October versus the year-earlier period.
The water supply, sewage, waste management, and materials recovery sector reported the longest monthly working schedule at 155.6 hours, with the real estate industry following at 153.6 hours. Construction workers logged the shortest monthly hours at 117.5 during the reporting period.
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