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Korea Herald
9 hours ago
- Korea Herald
77% of Korean workers dissatisfied with current salary
20-somethings more open to switching jobs, if they can get paid more Nearly eight out of 10 employees working at Korean companies are not satisfied with their current wages, a survey by a job-search platform showed Thursday. Only 23 percent of respondents in the Job Korea survey said they were content with their current level of pay, while the rest were unsatisfied. The survey was conducted on 1,088 workers in their 20s, 30s, and 40s. Of the 77 percent not content with their salaries, 60 percent said they are open to a new job. Some 43.1 percent of respondents in their 20s said they would switch jobs if they could get higher pay, without any other demands. When asked the minimum raise required for them to consider getting a new job, respondents in their 20s said it was 11.1 percent. It was lower than the 11.7 percent for those in their 30s and 12.3 percent for those in their 40s. More than half of all respondents (55 percent) said they are curious about what the other people in the same field of work and tasked with the same duties are being paid. Recent data and surveys have indicated that local companies are having trouble holding onto their young employees. Last year a Korea Enterprises Federation survey showed that 83.2 percent of workers in their 20s were considering switching jobs, which was more than 72.6 percent of those in their 30s and 58.2 percent of those in their 40s. The most frequently cited reason for respondents considering a new workplace was their current workplace's financial rewards, which was selected by 61.5 percent of all respondents. The number of Korean workers in their 20s is lower than ever, according to data revealed Tuesday by corporate data analysis firm Leaders Index. For the first time, the number of workers in their 50s outnumbered those under 30 at major companies here.
Korea Herald
10 hours ago
- Korea Herald
Seoul shares end higher on tech, auto gains
South Korean stocks closed higher Thursday, tracking overnight gains on Wall Street, with strong performances in tech and auto shares leading the advance. The Korean won also rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 29.54 points, or 0.92 percent, to close at 3,227.68. Trade volume was moderate at 324.1 million shares worth 11.16 trillion won ($8.08 billion). Advancers outnumbered decliners 459 to 406. Overnight, the Dow Jones Industrial Average gained 0.18 percent, while the tech-heavy Nasdaq Composite rose 1.21 percent. In the local market, institutions bought a net 109.08 billion won worth of shares, while foreign investors and retail investors sold a net 17 billion won and 196.58 billion won, respectively. Analysts said institutional buying helped buoy the main index, despite ongoing concerns over US import tariffs and a potential slowdown in the US economy. US President Donald Trump's reciprocal tariffs took effect at 1:01 p.m. Thursday (Korea time), but analysts said the impact on the main index was limited, as the tariffs had already been priced into the market. In Seoul, tech and auto stocks led the gains. Market bellwether Samsung Electronics rose 2.47 percent to 70,500 won on news that the chipmaker will manufacture Apple Inc.'s next-generation processor at its foundry in Austin, Texas. The tech giant also got a boost from the South Korean trade minister's comments that Korean semiconductor firms will likely face lower US tariff rates than global peers and competitors, citing the latest trade deal signed last week between Seoul and Washington, in which the latter agreed to offer most favored nation (MFN) status to South Korean chipmakers when it comes to import tariffs on semiconductors. US President Donald Trump has said his administration may impose 100 percent tariffs on all chip and semiconductor imports. Chip giant SK hynix advanced 1.35 percent to 262,000 won. Top carmaker Hyundai Motor gained 0.95 percent to 212,500 won following reports that the Korean automaker and General Motors will jointly develop five new models for the US and other markets in the Americas. Top shipbuilder HD Hyundai Heavy Industries rose 1.82 percent to 475,000 won, while tech firm Kakao spiked 11.97 percent to 63,600 won. Leading battery maker LG Energy Solution edged up 0.65 percent to 386,500 won. Among decliners, major steelmaker POSCO Holdings slipped 0.34 percent to 297,500 won, and top refiner SK Innovation dropped 0.46 percent to 108,500 won. The local currency was quoted at 1,381.20 won against the greenback at 3:30 p.m., up 8.3 won from the previous session. Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 2.2 basis points to 2.408 percent, while the return on the benchmark five-year government bonds declined 1.8 basis points to 2.551 percent. (Yonhap)
Korea Herald
11 hours ago
- Korea Herald
Foreign buyers flagged in 49 cases of apartment-linked tax evasion
Nearly W8tr in Korean apartments bought by foreign nationals since 2022, with 70% of tax evasion tied to wealthy Gangnam districts South Korea's tax agency has launched a sweeping investigation into foreign ownership of high-end apartments, uncovering 49 cases of tax evasion related to the purchase or ownership of properties. 'We will apply the same level of scrutiny to foreign nationals acquiring apartments in Korea as we do to domestic buyers,' said Min Joo-won, director of investigation at the National Tax Service, during a press briefing held in Sejong on Thursday. 'We are committed to fully tracing the source of funds and imposing proper taxes using all available tools, including financial account tracking and forensic analysis.' The probe comes as the government tightens regulations to curb speculative demand in the capital region. In June, it imposed stricter measures on Korean nationals, including loan caps and mandatory move-in requirements. Foreign nationals, largely outside the scope of these regulations, came under closer scrutiny as the NTS launched a targeted review of high-priced apartment purchases. After analyzing transaction data from 2022 through April this year, the agency uncovered 49 cases of tax evasion. These included 16 involving illicit gift schemes, 20 tied to undeclared income and 13 related to unreported rental income. Tax evasion in Seoul's wealthiest districts The 49 individuals collectively own 230 apartments, with 70 percent concentrated in Seoul's wealthiest districts of Gangnam, Seocho and Songpa. Some properties were valued at over 10 billion won ($7.2 million). The estimated tax losses from these cases range from 200 billion to 300 billion won. The tax evaders came from 12 countries, with about 40 percent identified as ethnic Koreans. Chinese and American nationals accounted for more than two-thirds of the total. The agency said it would prioritize cases involving funds transferred through expedient means, such as gifts routed through untraceable overseas accounts. Many buyers exploited regulatory blind spots by alternating between their foreign resident registration numbers and passport numbers when acquiring property, making it easier to avoid detection. The use of offshore bank accounts further complicated enforcement. Some also disguised the source of funds by submitting false documents, including financing plans or bank balance certificates, to make it appear the funds were legally theirs. The investigation also uncovered signs of criminal conduct, including illegal foreign exchange transactions and the use of cryptocurrency. In one case, a corporate loan obtained under the pretense of business operations was misused to purchase a personal apartment. The NTS pledged active cooperation with foreign tax authorities to ensure proper investigation and enforcement. 'If the source of funds appears to originate overseas or raises money laundering concerns, we will request information from the relevant authorities to fully trace the funds and impose appropriate taxes,' Min said. He added that the agency would work to ensure local tax authorities take proper action if evasion is confirmed abroad. The NTS said that from 2022 through April this year, foreign nationals purchased 26,244 apartments totaling 7.97 trillion won, with both the number and value of transactions on the rise. Most purchases were concentrated in the greater Seoul area — Seoul, Gyeonggi Province and Incheon — which accounted for 81 percent of total transaction value and 62 percent of the total units bought by foreigners. Foreign investment in Seoul was heavily focused on the city's most expensive neighborhoods. About 61 percent, or 1.9 trillion won, of transactions were made in the Gangnam, Seocho and Songpa districts in southern Seoul, as well as Mapo, Yongsan and Seongdong in the north. In the top three districts, data show that three out of five foreign owners did not reside in their units, suggesting purchases were made for speculative purposes.
