Addressing the latest drop in investment by foreigners here, South Korea’s government reassured the market on Monday, saying it would enhance monitoring and put a contingency plan into action in the event of further volatility.“The recent outflow of foreign investments is mostly attributable to the expansion of external uncertainties and the adjustment of the Morgan Stanley Capital International index,” said Kim Yong-beom, first vice minister of finance.The Ministry of Economy

Workers in South Korea hit the highest average annual earnings at the age of 41 in 2016, data showed Monday, with the labor income of the elderly also showing a steady rise. People aged 41 earned the highest average annual labor income of 32.09 million won ($26,977) in 2016, according to the data released by Statistics Korea. The total labor income stood at 842.1 trillion won in 2016, up 4.5 percent from a year ago.  The labor income for people aged above 65 rose 0.8 percent on-year to 21.7

South Korea's budget for national information will rise to over 5.1 trillion won ($4.3 billion) in 2019 to promote the building of a hyperconnected society, the government said Monday.The budget to be spent for 55 state central administrative agencies represents an 11.5 percent increase from 4.6 trillion won earmarked for this year, according to the Ministry of Science and ICT. A hyperconnected society is a key element of the fourth industrial revolution where everything, including people, is li

About one-third of South Korean working mothers with underage children were irregular workers paid lower wages, data showed Friday, underscoring the reality that taking time off to raise children is harming many women's career prospects.A total of 641,000 female contract workers had kids under 18 as of April this year, or about 28 percent of the 2.3 million working mothers aged from 15 to 54 here, according to the latest data compiled by Statistics Korea. The portion was higher than the 25.1-per

Finance Minister Hong Nam-ki urged officials on Thursday to make efforts to help the National Assembly approve next year's budget bill by next Tuesday, when the parliamentary session ends. South Korea is seeking a total of 513.5 trillion won ($431 billion) in budget spending for next year, a 9.3-percent hike from 2019. The National Assembly missed a Monday deadline to pass the budget bill due to political battles. This year marked the fifth straight year the National Assembly has missed the lega

South Korea’s current account surplus continued to grow in October from the previous month to reach a 12-month high as the service account deficit narrowed and primary income account surplus expanded, data showed Thursday.The surplus, however, was mostly attributed to the decline in raw material imports which reflected dampened domestic demand, while the actual growth pace of the economy remained sluggish. At $7.83 billion, the current account surplus was up slightly from $7.76 billion in

South Korean companies added 260,000 jobs in 2018 from a year earlier, government data showed Thursday, amid concerted efforts to hire more workers.The job gains were compared with 2017, when South Korean firms added a total of 310,000 jobs from the previous year, according to the data compiled by Statistics Korea.By sector, wholesale and retail businesses added 70,000 jobs and health and social welfare services added 40,000 jobs in 2018 from a year earlier. In contrast, manufacturing shed 60,00

South Korea's current account surplus grew slightly from a month earlier to reach a 12-month high in October as its service account deficit narrowed while its primary income account surplus expanded, central bank data showed Thursday.The country's current account surplus came to $7.83 billion, up from a revised surplus of $7.76 billion the previous month, according to preliminary data from the Bank of Korea.The reading marks the highest since October 2018 when the country's current account surpl

The Finance Ministry announced Wednesday plans to establish a 12 trillion won ($10 billion) fund to help support competent startups scale up as unicorns, allocating 300 billion won exclusively for fintech firms.Unicorns refer to startups valued at over $1 billion. “(The government) will actively adopt policies to scale up and advance the fintech ecosystem both quantitatively and qualitatively, so that South Korean startups can emerge as global unicorns,” Deputy Prime Minister and Fin

The country's tax agency on Wednesday disclosed a fresh list of some 6,800 new citizens and corporate entities with unpaid taxes exceeding 200 million won ($167,462) for one year or longer. The National Tax Service said that it decided to reveal those on the list after they refused to specify their reasons for failing to pay their taxes even though they have been asked to do so for more than six months. The list includes 4,379 individuals. Also included on the list are 2,099 companies that

South Korea's chief economic policymaker said Wednesday he sees no acute risk of deflation, adding that next year's projected inflation rate will be higher than this year's. The remarks by Finance Minister Hong Nam-ki came days after the Bank of Korea announced that the third-quarter gross domestic product deflator -- a measure of inflation used to calculate economic growth in real terms -- fell 1.6 percent on-year, marking the sharpest decline in two decades.Consumer prices rose 0.2 percent on-

Imported car sales in South Korea rose 14 percent on-year last month, helped by new models, industry data showed Wednesday. The number of newly registered foreign vehicles rose to 25,514 units in November, up from 22,387 a year earlier, the Korea Automobile Importers & Distributors Association said in a statement. German carmakers, including Audi-Volkswagen, BMW and Mercedes-Benz, posted a 30-percent on-year jump last month. Their combined sales climbed to 16,459 in November from 12,688 a ye

Despite the Moon Jae-in government’s eighth and latest set of measures to curb real estate prices in the fall, prices of houses and those for lease have shot up, according to data by the Korea Appraisal Board.The house price index and lease price index for last month surged to the highest level in 14 months since the Sept. 13 measures, which aims to block home-based loans in most popular housing areas and hinder those with at least two homes from buying more. The house price index refers t

Ministry cites pangovernmental reserve funds as reason

South Korea and Cambodia have signed a double taxation avoidance pact, in a move to boost bilateral economic cooperation, Seoul's finance ministry said Tuesday.  The pact was signed last week in Busan, South Korea at bilateral talks between South Korean Foreign Minister Kang Kyung-wha and her Cambodian counterpart, Prak Sokhonn, the Ministry of Economy and Finance said in a statement.   The pact is expected to help ease tax burdens for South Korean firms doing businesses in Cambod