Record 3.71 Million Workers Earn Over 5 Million Won Per Month... Wage Gap Between Industries Remains Stark

16.5% Earn Over 5 Million Won—Highest on Record

24% in Manufacturing vs. 5.4% in Welfare Sector

Wage Gap Between Industries Likely to Widen Further

The number of wage workers earning at least 5 million won per month has surpassed 3.7 million, reaching an all-time high. Although the number of high-income workers continues to increase due to rising prices and wages, wage disparities between industries remain significant.

According to the National Statistical Portal (KOSIS) of the Ministry of Data and Statistics and the regional employment survey released on June 22, out of 22,488,000 wage workers as of October in the second half of last year, 3,713,000 earned an average monthly salary (including bonuses, before tax) of at least 5 million won over the past three months. This accounts for 16.5% of the total workforce, marking the highest level since the relevant statistics began in 2013.

The number of workers earning at least 5 million won increased by 296,000 compared to a year earlier, and the proportion rose by 1.1 percentage points. As both prices and wages continue to rise, the proportion of high-income workers expands each year.

The proportion of high-income workers varied greatly by industry. The financial and insurance sector had the highest share of workers earning at least 5 million won at 38.0%, followed by the professional, scientific and technical services sector at 35.8% and the information and communications sector at 34.8%. The manufacturing sector also stood out with 24.0%, well above the overall average of 16.5%. In contrast, the accommodation and food services sector recorded the lowest share at just 1.4%, and the health and social welfare sector stood at 5.4%.

The manufacturing sector, which has the largest number of wage workers, generally offered higher wages. Of the 3,946,000 manufacturing workers, 948,000 received an average monthly salary of at least 5 million won, accounting for 24.0% of the sector (or roughly one in four workers). This is 2.3 percentage points higher than a year ago and marks an all-time high. Additionally, 16.2% earned between 4 million and less than 5 million won, and 28.0% earned between 3 million and less than 4 million won, meaning that about 68.2%—roughly 7 out of 10—manufacturing workers earned at least 3 million won per month.

In contrast, the wage distribution in the health and social welfare sector—which, alongside manufacturing, forms one of the two main pillars of total employment—was quite different. More than 75% of workers in this sector earned less than 3 million won, and only 5.4% earned at least 5 million won. Breaking it down further, 29.2% earned less than 1 million won, 12.8% earned between 1 million and less than 2 million won, and 33.4% earned between 2 million and less than 3 million won. Meanwhile, 14.3% earned between 3 million and less than 4 million won, and 4.9% earned between 4 million and less than 5 million won.

The health and social welfare sector is a representative industry supporting the current job market amid aging demographics and rising demand for care services. Even as the total number of employed people fell year-on-year last month for the first time in 17 months, the number of workers in this sector increased by 212,000. While jobs are increasing rapidly, it is noted that wage levels in this sector significantly lag behind those in other major industries.

There are also forecasts that wage disparities between industries could widen further in the future. As the manufacturing industry improves, particularly in semiconductors, and as performance-based bonuses become more common, wage gaps may increase not only between manufacturing and other sectors but also within the manufacturing sector itself. Some experts also warn that rising wages could become a factor fueling inflation.

This content was produced with the assistance of AI translation services.