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HandWiki. Economic Disparity in South Korea. Encyclopedia. Available online: https://encyclopedia.pub/entry/33047 (accessed on 03 October 2026).
HandWiki. Economic Disparity in South Korea. Encyclopedia. Available at: https://encyclopedia.pub/entry/33047. Accessed October 03, 2026.
HandWiki. "Economic Disparity in South Korea" Encyclopedia, https://encyclopedia.pub/entry/33047 (accessed October 03, 2026).
HandWiki. (2022, November 04). Economic Disparity in South Korea. In Encyclopedia. https://encyclopedia.pub/entry/33047
HandWiki. "Economic Disparity in South Korea." Encyclopedia. Web. 04 November, 2022.
Economic Disparity in South Korea
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The content is sourced from: https://handwiki.org/wiki/Finance:Economic_disparity_in_South_Korea

Economic disparity in South Korea is the extent by which income, most commonly measured by household or individual, is distributed in an uneven manner in South Korea . According to data during the 2010s, low-income earners[lower-alpha 1] make up to 40% of South Korea's entire labour force. Conversely, the highest income earners[lower-alpha 2] make up only 1–1.3% of the labour force. In general, 98.7% of South Koreans make less than annually. According to 2015 data, more than 63% of workers make less than Template:KRWConvert annually. Many South Koreans especially those of the younger generation feel that they are not benefiting during periods of economic growth, and have criticized the increasingly difficult socioeconomic situation and class stratification in the country, dubbing it as "Hell Joseon" (Korean: 헬조선). They have also described themselves as being a part of the Sampo generation, whereby they have given up on courtship, marriage, and having kids due to the high costs of living and unemployment, and consequently the N-po generation. Moreover, much of the country's income inequality can be attributed to the dominance of chaebols (Korean: 재벌; lit. "rich family"), which has also been seen by many South Koreans as highly corrupt and influential in the political system. Its dominance is also likely to last and engenders the risk of slowing down the transformation of the South Korean economy for the benefit of future generations. The country also has the highest levels of poverty among the elderly in the developed world. In 2018, about half of the country's elderly lived in poverty, three times the OECD average, with many of them homeless. As a result, South Korea regularly claims the highest suicide rate in the OECD and the wider developed world.

헬조선 income inequality unemployment

References

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