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(Working Paper 2018-06) Wage Trends in 2017 and Wage Outlook for 2018 (Working Paper 2018-06) Wage Trends in 2017 and Wage Outlook for 2018
보고서명

(Working Paper 2018-06) Wage Trends in 2017 and Wage Outlook for 2018

보고서명(영문)

(Working Paper 2018-06) Wage Trends in 2017 and Wage Outlook for 2018

  • 책임자 성재민
  • 소속기관한국노동연구원
  • 내부연구참여자김복순,김종욱,이기쁨,임용빈,조규준
  • 외부연구참여자
  • 발행기관 한국노동연구원
  • ISBN
  • 출판년도2018
  • 페이지13
  • 보고서유형 정책·연구자료
  • 연구유형 기타
  • 표준분류 노동 > 고용
  • 자료유형정책·연구자료
  • 공공누리유형
  • 주제어Wage trend, Nominal Wage Increase, Wage Outlook
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  • In 2017, the Korean economy registered a 3.1% growth (preliminary estimate) exceeding the original forecast of 2.5% (January 2017) thanks to the expansion of the manufacturing sector and the increase in investment. Amid the rebound of the global trade, the exports of the IT sector led by the semiconductor sector in particular accounted for 31.4% of Korea’s total exports; and the rise in construction investment and the growth in investment in plant and equipment turning to a positive figure played a major role in Korea’s economic growth recovering to the 3% range in 3 years.
    Under such economic circumstances, the 2017 real wage growth rate (based on the total wage of all workers at establishments with five or more permanent employees; hereinafter referred to as “all workers”) fell by 2.0%p year-on-year (y-o-y) to 0.8%. This is the lowest since the 2011 growth rate of -2.9%, and can be attributed to the slowdown in nominal wage growth and the accelerating consumer price growth. In 2017, nominal wage growth decreased by 1.1%p y-o-y to 2.7%, while consumer price growth jumped by 0.9%p y-o-y to 1.9%, resulting in a real wage growth in the 0% level.
    The 2017 per capita nominal wage growth rate for permanent workers (establishments with five or more permanent employees) was 2.3%, which was below per capita nominal GDP growth of 5.0%. This trend has been continuing since 2014.1)2) In 2017, the gap between the two indicators widened y-o-y, and the labor share of income in 2017 dropped by 0.3%p y-o-y to 63.0%, showing a slight slowdown in the rising trend since 2010 (59.4%).
    On the other hand, for establishments with 100 or more employees, the 2017 increase rate in negotiated wages was 3.6%, up 0.3%p from the revious year. As can be seen in [Figure 3], such a slight increase in 2017 came about amid a gradual, long-term downturn in the rise of negotiated ages. Here, negotiated wages should be differentiated from the nominal wage actually paid to workers as they do not include variable pay such as overtime pay and special bonuses. According to the Labor Force Survey at Establishments, regular payments excluding overtime pay and special cash payments for permanent workers also increased in 2017 by 0.3%p y-o-y, showing a similar trend to that of the rise in negotiated wages.

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