Earning power peaks at age 42 in South Korea

The average earned wages in South Korea was found to peak at age 42, with an annual income of almost 37.73 million won (US$28,573), according to data from Statistics Korea.

Earnings exceeded spending for the average South Korean employee at age 27, with the maximum surplus recorded at age 43 with 17.3 million won (US$13,133). This then turned to a deficit at age 61, reported Statistics Korea.

As of 2020, total spending in the country stood at 1,081.8 trillion won (US$0.82 trillion), against a national cumulative earned income of 984.3 trillion won (US$0.75 trillion).

Unemployment also continues to drop, with Statistics Korea reporting 28.4 million employed workers in October 2022, up 2.4% year-on-year, or 677,000. Of these, 4.76 million were temporary workers, representing a 1.8% year-on-year and 1.75% month-on-month for such employees.

Over the same period, the number of unemployed people totalled 692,000, falling by 95,000, or 12.1% year-on-year.

READ: More women in South Korea choosing to leave the workforce

The employment to population ratio registered 62.7% in October, up 1.3% year-on-year. South Korea’s labour force participation rate stood at 64.3% in October, up 1.1% year-on-year. Overall, the economically active population over the month recorded 29.11 million people, rising by 2% year-on-year, or 582,000.