Half of S. Koreans faced with job loss, lower wage after Covid-19 outbreak

SEOUL (Xinhua): Almost half of South Koreans were faced with job loss or lower wage after the Covid-19 outbreak that reduced income for temporary workers and the low-income bracket, statistical office data showed Friday (Dec 11).

According to the May survey results unveiled by Statistics Korea, 50.3 per cent of respondents said they retained job and received the same wage following the Covid-19 pandemic.

The remaining 49.7 per cent said they lost their jobs or accepted a wage cut owing to an economic fallout from the pandemic.

The portion of those who maintained jobs but accepted a pay cut was 26.7 per cent, and the reading for those who lost jobs stood at 14.0 per cent. The figure for those who were on an unpaid leave was 9.0 per cent.

As seen in the country's past economic crises in 1998,2003 and 2008, the Covid-19 crisis did the biggest damage to irregular employees and the low-income bracket.

Disposable income among irregular workers and day labourers shrank 3.4 per cent in the January-March quarter from a year earlier, while income among regular employees advanced 3.7 per cent in the three-month period.

The bottom 20-per cent income bracket's disposable income added 0.2 percent in the first quarter on a yearly basis, while disposable income for the top 20-per cent income group expanded 6.5 per cent.

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South Korea , covid-19 , jobs


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