ID :
60583
Thu, 05/14/2009 - 15:01
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Shortlink :
https://www.oananews.org//node/60583
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S. Korea's labor costs 10th-highest among major economies: report
SEOUL, May 14 (Yonhap) -- South Korea ranked 10th in terms of average labor costs in 2008, a report showed Thursday, indicating that labor market conditions here are less flexible than those of other rival economies.
According to the report compiled by the Organization for Economic Cooperation and
Development, South Korea's per-capita labor costs stood at US$50,079 last year.
Labor costs include wages and welfare benefits offered to employees.
Germany topped the list with per-capita labor costs amounting to $61,635,
followed by Belgium with $59,758, Britain with $56,764 and Austria with $56,610,
the report showed. Luxemburg, the Netherlands, Norway, France and Switzerland
came next.
South Korean companies had to pay more to hire a worker than their rivals in
Japan and the United States, where labor costs came to $48,862 and $44,039,
respectively, according to the report. The two nations ranked 12th and 15th on
the list.
According to the report compiled by the Organization for Economic Cooperation and
Development, South Korea's per-capita labor costs stood at US$50,079 last year.
Labor costs include wages and welfare benefits offered to employees.
Germany topped the list with per-capita labor costs amounting to $61,635,
followed by Belgium with $59,758, Britain with $56,764 and Austria with $56,610,
the report showed. Luxemburg, the Netherlands, Norway, France and Switzerland
came next.
South Korean companies had to pay more to hire a worker than their rivals in
Japan and the United States, where labor costs came to $48,862 and $44,039,
respectively, according to the report. The two nations ranked 12th and 15th on
the list.
