South Korean household’s income from regular payrolls hardly grew in the fourth quarter last year compared to a year earlier while the wealthy became richer from stock and property boom, data showed.
According to the Statistics Korea on Thursday, a Korean household with two or more family members earned average 2,932,000 won ($2,703.80) on month in the October-December period last year. Salary that contributes 60 percent to 70 percent to the income for a common Korean family added just 26,000 won or 0.9 percent in the final quarter against the same period last year, hovering way below the 2016 average inflation gain of 1.9 percent.
Income growth in the final quarter was slower than the 1.6 percent on-year gain in the third quarter.
Overall, average monthly income of household in the fourth quarter expanded 3.1 percent on year to 4,445,000 won, the biggest stretch in five years for the quarter. Growth in household income was led by increased earnings from rents and property gains that jumped 8.5 percent and 9.5 percent, respectively, against a year earlier.
By Yoon Won-sup and Cho Jeehyun
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