Korea's ratio of average income between top & bottom 10% is second-highest among OECD countries



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Widening income inequality has long been a problem in Korea,...
and recent OECD statistics show Korea's income gap between the top and bottom ten percent was the second-highest out of ten OECD countries in 2016.
Park Ji-won has more.
OECD data shows Korea's income gap is the second highest in the OECD,... just behind the U.S.
In 2016,... the ratio of the average income of the top 10-percent to the bottom 10-percent in Korea stood at 4-point-five,... meaning that the top 10-percent of income earners earn 4-point-five times more than the bottom 10-percent earn.
This figure was the second-highest,... among 10 OECD countries,... which have related data.
New Zealand has the lowest number of two-point-eight-six.
Korea was also ranked second in 2015,... when data for 21 OECD member countries was available. The U.S. had the largest income gap, while three Northern European countries,... Finland, Denmark and Norway had the lowest income inequality.
Korea's ratio of average income between the top and bottom 10-percent was around four in 2000,... but the number soared to more than five in 2006,... and fallen slightly since then.
Still,... Korea has been ranked at the number two spot,... since 2012.

(Korean)- "Korea's Gini Coefficient, which shows the wealth distribution of a country,... is considered not that bad as of now, yet this continuing income gap means that the nation's wealth distribution could worsen in the future. It is also a sign that Korea's economy is failing to produce quality jobs."

However,... experts are not in agreement on whether Korean's minimum wage increase this year will help improve the situation,... as the minimum wage hike could stiffen the labor market,... leading to more unemployment.

The proportion of the workforce who earn less than two thirds of the median income in Korea is also the second highest in 2016,... out of 10 OECD countries which have released related data.
Park Ji-won, Arirang News.

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