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South Korea’s wage-earner growth slows in Q2

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  South Korea s wage earning growth slowed in the second quarter amid growing concerns about the economic downturn statistics bureau data showed on Thursday The number of paid employees was 20 205 000 in the April June quarter 628 000 more than a year earlier according to Statistics Korea It was down from an increase of 752 000 counted in the first quarter The rapid increases in interest rates raised concerns about the economic downturn The Bank of Korea BOK has raised its policy rate since August last year from a record low of 0 50 percent to 3 25 percent to counter inflation Job growth in the second quarter was led by the elderly The number of salaried workers age 60 and older increased by 295 000 while the reading for those age 50 increased by 209 000 The numbers for those in their 20s and 30s increased by 21 000 and 25 000 respectively The number of salaried workers in the health and wellness and construction sectors grew by 106 000 and 102 000 each while manufacturing added 73 000 jobs The number of male salaried workers rose 262 000 while the reading for women rose 366 000 in the second quarter Xinhua
South Korea’s wage-earner growth slows in Q2

South Korea

South Korea‘s wage-earning growth slowed in the second quarter amid growing concerns about the economic downturn, statistics bureau data showed on Thursday.

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The number of paid employees was 20,205,000 in the April-June quarter, 628,000 more than a year earlier, according to Statistics Korea. It was down from an increase of 752,000 counted in the first quarter.

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The rapid increases in interest rates raised concerns about the economic downturn. The Bank of Korea (BOK) has raised its policy rate since August last year from a record low of 0.50 percent to 3.25 percent to counter inflation.

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Job growth in the second quarter was led by the elderly. The number of salaried workers age 60 and older increased by 295,000, while the reading for those age 50 increased by 209,000.

The numbers for those in their 20s and 30s increased by 21,000 and 25,000, respectively.

The number of salaried workers in the health and wellness and construction sectors grew by 106,000 and 102,000 each, while manufacturing added 73,000 jobs.

The number of male salaried workers rose 262,000, while the reading for women rose 366,000 in the second quarter. ■

(Xinhua)

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