South Korea's income gap widened further in the first quarter of this year, raising concerns that the polarization issue remains one of the most daunting tasks for the nation.
According to the National Statistical Office (NSO), average monthly income for a family of two was 3.06 million won (3,100 USD), up 4.2 percent from a year prior. The income for urban households of two averaged 3.44 million won, up 4.6 percent from the same period last year.
However, the top 20 percent of earners earned 8.36 times more than the lowest 20 percent, the highest disparity since the NSO began recording the figures several decades ago.
Experts attribute the widening income gap to an earnings increase among professionals such as lawyers and doctors as well as other self-employed workers.
The corresponding difference between the top and bottom fifth of earners for urban households stood at a factor of 5.80 times larger, a figure lower than the previous year's 5.87, showing the income gap in the city area has narrowed, the NSO added.
The Ministry of Finance and Economy expects the wealth distribution among income earners to improve steadily, given that the income of the lowest fifth of earners has grown more than 9 percent in the first quarter from a year earlier.
Income gap grows in first quarter |
