Wage growth rate in the first half of this year is 2.2%...a year-on-year slowdown

In the first half of this year, the average monthly wage increase rate of regular workers was slower than last year.

According to the analysis of wage hikes in the first half of this year released by the Korea Employers Federation, the average monthly wage of regular workers was KRW 4,046,000, up 2.2% from last year.

The average monthly increase rate is 0.7 percentage points lower than last year.

By company size, average monthly wages for businesses with fewer than 300 employees increased by 3.1%, while those with more than 300 employees decreased by 0.2%.

This is attributed to a 12.3% drop in special benefits for large companies from last year.

The KEF said the recent performance of major industries such as semiconductors and shipbuilding will not continue the decline in special benefits, but wage increases without improved performance will not be sustainable.