The number of jobs for wage workers in South Korea increased on-year in the June-August period of last year, but those in their 20s and 30s suffered extended employment slumps amid the pandemic, data showed Thursday. The number of paid employee jobs reached 19.1 million in the cited period, up 369,000 from a year earlier, according to the data compiled by Statistics Korea. The quarterly tally was higher than an increase of 211,000 in the March-May period of 2020, when such jobs rose by the sma

South Korea's central bank on Thursday held its benchmark policy rate unchanged at a record low of 0.5 percent, as the third wave of the new coronavirus undermined the scope of sustaining an economic recovery. As widely expected, the monetary policy board of the Bank of Korea (BOK) voted to leave the base rate steady in this year's second rate-setting meeting. The Bank of Korea (BOK) also maintained its growth outlook for the year at 3 percent but hinted it may revise up the figure depending

South Korea’s patent protection agency is seeking to sharpen the nation’s industrial edge by overhauling intellectual property policies amid the rapid digital transformation brought on by the COVID-19 era. Artificial intelligence and data have emerged as essential means of generating intellectual property, but uncertainties surrounding related laws and a lack of institutional support are hindering the use of such technologies. The acceleration of the transition to a digital econo

The chief of the nation’s intellectual property office vowed Wednesday to reinforce intellectual property rights protection of digital inventions to contribute to South Korea‘s efforts to become a pacesetting nation in the digital era.  “In the era of digital economy, business realms driven by digital intellectual property are forecast to expand rapidly. A transition to digital economy depends on active creation of patents for innovative digital technologies across indus

The number of newly established companies in South Korea climbed more than 15 percent to a new high in 2020 despite the coronavirus pandemic, data showed Wednesday. A total of 1.48 million new businesses were set up last year, up 15.5 percent from a year earlier, according to the data from the Ministry of Small and Medium-sized Enterprises (SMEs) and Startups. The ministry attributed the surge to a sharp increase in the number of real estate firms in the wake of a requirement for the registrat

South Korea’s Finance Minister said Wednesday that the state tax benefit program for “good landlords” – those who voluntarily reduce rent to ease burden on tenants – would be extended by another six months to support businesses hit by the COVID-19 pandemic. The voluntary program – launched in April last year – has been rewarding landlords with a tax credit of 50 percent-to-reduction of rent. The program’s deadline has been already extended once f

The average monthly income of South Korean wage earners rose 4.1 percent in 2019 from a year earlier amid a hike in the minimum wage, data showed Wednesday. Salaried workers earned 3.09 million won ($2,800) per month on average in 2019, compared with 2.97 million won in 2018, according to the data compiled by Statistics Korea. Median income of wage earners amounted to 2.34 million won in 2019, up 6.3 percent from the previous year. Median income is a measure of a mid-point income that divides

Bank of Korea Gov. Lee Ju-yeol on Tuesday reiterated his opposition to a revision bill that would enable the Financial Services Commission to collect online payment data, lamenting that the regulator lacks understanding of the separate but complementary roles of the two institutions. Lee was striking back at FSC chief Eun Sung-soo, who refuted the central bank’s open criticism of the bill it likened to “Big Brother” of George Orwell’s landmark dystopian novel “1984

South Korea's terms of trade gained for the 10th consecutive month in January, as export prices rose at a faster pace, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of trade terms -- increased 7 percent last month from a year earlier, according to preliminary data from the Bank of Korea (BOK). It marked the 10th straight month of an on-year rise since April last year, when the trade terms logged the first on-year hike in over two years on low oi

South Korea's business sentiment improved for March on decreased economic uncertainty, with more companies expecting a recovery down the road, a poll showed Wednesday. The business survey index (BSI) of the country's top 600 companies by sales reached 109.2 for next month, up 19.1 points from February, the Korea Economic Research Institute (KERI) said in a statement. "The business index got a boost from expectations that the rollout of new coronavirus vaccines and recovery in global deman

The land ministry said Wednesday it has selected new sites for its housing development project aimed at increasing supplies in urban areas and curbing housing prices. The Ministry of Land, Infrastructure and Transport said it has selected a vast area spanning 1,271 square meters in Gwangmyeong and Siheung in Gyeonggi Province as the site for approximately 70,000 new homes. The two satellite cities are located about 12 kilometers southeast of Yeouido, a major business district in eastern Seoul.

South Korea's exports are expected to rise 8.9 percent on-year in February to extend gains for a fourth month on robust shipments of chips and automobiles, a poll showed Wednesday. The country's outbound shipments are expected to reach $44.5 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was conducted on six local brokerage houses. Imports were estimated at $42.7 billion this month, resulting in a trade surplus of $8.1 bill

South Korean manufacturers' business sentiment rose for the second straight month in March, but worries about sluggish consumption remained amid the coronavirus pandemic, central bank data showed Wednesday. The business sentiment index (BSI) for local manufacturers came to 85 for March, up from 81 for February, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumb

South Korea’s top financial authorities sounded warning bells about the absence of underlying value that digital coins hold, as speculative fever has been sweeping cryptocurrency markets in recent months. Market liquidity backed by stimulus packages and accommodative monetary policy may have attracted investors‘ attention to cryptocurrency, but they should stay cautious as the digital asset shows sharp price fluctuations, authorities said. Attending a briefing of the National Asse

SEJONG -- In 2016, South Korea saw collective household debt to net disposable income reach 174.52 percent, according to the research by the Organization for Economic Cooperation and Development. The figure grew further to 181.81 percent in 2017, 184.99 percent in 2018 and 190.59 percent in 2019 amid a continuous climb in financial services firms’ outstanding loans, such as mortgages and credit-based lending, issued to the household sector. The 16.07 percentage point increase of Korea d