Posted inQuestion about South Korea

How much does the top 1% of Korea earn?

The top 1% of earners in South Korea earned at least KRW 661 million ($588,000) in 2019, according to a report by the National Tax Service. The group consists mostly of business owners and high-level professionals in finance, law and medicine, and may also inherit wealth from their families or earn income from investments or real estate holdings. The income gap between the top 1% and the rest of the population is significant, with the top 10% earning around nine times more than the bottom 10%. South Korea ranks high in terms of income inequality among OECD countries. Efforts to address inequality include raising the minimum wage, expanding social welfare programs and increasing taxes on the wealthy.
How much does an English instructor earn in Korea?
Posted inQuestion about South Korea

How much does an English instructor earn in Korea?

English instructors in Korea can earn an average salary ranging from 2.1 to 3.5 million Korean Won per month, depending on factors such as qualifications, location, institution type, teaching hours, and experience level. Those with a degree in education or related fields and teaching experience may be able to negotiate higher salaries. Additionally, those working at private language academies or universities in major cities like Seoul or Busan may earn more than those working in rural areas or public schools. Negotiation tactics can also help instructors secure better salaries and benefits.
How much do you need to earn to live comfortably in South Korea?
Posted inQuestion about South Korea

How much do you need to earn to live comfortably in South Korea?

To live comfortably in South Korea, it is estimated that one needs to earn at least 3 million KRW ($2,640 USD) per month. This covers basic expenses such as housing, food, transportation, and entertainment. However, additional expenses such as student loans or healthcare costs need to be factored in. Strategies for saving money include living outside of Seoul where housing is less expensive and cooking at home instead of eating out. Additional sources of income such as teaching English or freelancing can also supplement one's income.