Four out of 10 Koreans suffer pay cut amid pandemic

Over 40 percent of workers in South Korea have suffered a wage cut due to changes in their working conditions sparked by the coronavirus pandemic, a survey showed Wednesday. 

According to the survey conducted by Incruit, a job search website, some 42 percent of respondents said their paychecks were reduced after January when the novel coronavirus started to hit the country. Reasons for pay cuts varied, with some saying they were forced to take unpaid leave and others suffering wage freezes. Some said they were asked to leave their job. 

To cover losses, 16.8 percent of respondents said they have withdrawn cash from bank accounts, while 13.3 percent said they have applied for loans. Others have taken part-time jobs and withdrawn investments in funds and insurance products, according to the survey of 576 workers between April 20 and 28.

Meanwhile, a separate survey conducted by Saramin showed that over 90 percent of 1,352 job seekers fear they will not be able to get a job in the first half of the year.

They feel insecure mostly because companies are delaying the recruiting process or reducing the number of new posts over deteriorating profits due to the pandemic.

By Choi Jae-hee (cjh@heraldcorp.com)