People Payroll Costs Surpass W30 Trillion
01 July, 2020
Public payrolls have surpassed W30 trillion for the very first time ever as the federal government continues to give all temporary workers everlasting contracts (All of us$1=W1,204).
Simultaneously new hires have either been halted or decreased as staff costs increase at cash-strapped state-operate companies, including those involved with new-energy projects.
According to data coming from the Ministry of Economic system and Finance on Tuesday, the full total public payroll funds has increased by W2.7 trillion from this past year to W30.29 trillion. The price was only W21.1 trillion in 2015.
Out of 339 people institutions, 320 saw payroll costs rise, 194 of these at double-digit rates. At vitality monopoly KEPCO, which provided regular employment agreements to around 8,000 non permanent workers in the last 12 months, payroll costs increased 11.5 percent or W210 billion.
Union members of Incheon AIRPORT TERMINAL rally against a new hiring plan found in Seoul on June 25.
At Korea Water Solutions Company payroll costs rose 26.5 percent or W136.9 billion, at Korea Terrain and Housing Corporation 20.6 percent or W131.2 billion, and at Korea Expansion Lender 31.3 percent or W104.9 billion.
KEPCO's debts soared W14 trillion because of the nuclear phaseout, while Korea Normal water Resources Corporation's debts climb by around W3 trillion.
According to government information website Alio, general public institutions gave everlasting contracts to 91,303 non permanent workers as 2017, when President Moon Jae-in took workplace, before first quarter of the year.
But brand-new hires in the general public sector, which used to improve each year, declined from 33,716 in 2018 to 33,447 this past year.
United Future Party lawmaker Choo Kyung-ho, who released the figures, explained, "Payrolls rose as a result of drastic shift to permanent employment, which managed to get more difficult to employ new staff and decreased likelihood of employment for teenagers."
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