Real Wages Stagnate

Real wage growth has dropped for the sixth consecutive quarter, running to near zero percent in the third quarter of this year.

According to the Labor Ministry on Monday, real per-capita average wages adjusted for inflation stood at W2.96 million (US$1=W1,112) a month as of the third quarter, an increase of less than W2,000 or 0.06 percent increase compared to the same period of 2013.

It was the lowest growth in real wages since the fourth quarter of 2011, when they dropped 2.4 percent. Real wage growth has been slowing for sixth consecutive quarter after peaking at 3.4 percent in the second quarter of last year.

The average monthly real wage for temporary workers in fact dropped, from W1.29 million in the third quarter of 2013 to a paltry W1.25 million.

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