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Wage hikes at major firms lowest since global financial crisis

All Headlines 22:46 February 08, 2017

SEJONG, Feb. 8 (Yonhap) -- The wage hike rates agreed at private and public enterprises in South Korea averaged 3.3 percent in 2016, the lowest after 1.7 percent tallied in 2009 during the global financial crisis, a state-run employment statistics service said Wednesday.

According to the Korea Employment Information Service (KEIS), the 2016 record is the fourth lowest since it started to compile the data in 1998, following the Asian financial crisis.

The average wage rise of public institutes surpassed that of private firms for the first time in 19 years with 3.4 percent last year, the service said. The average rate of wage increase in the private sector remained at 3.3 percent.

The survey was conducted on a total of 10,738 private and public enterprises here with over 100 full-time employees, it said.

Central and provincial governments and public schools were excluded from the poll, the service said.
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