Wage hikes at major firms average 5.1%t: ministry

Annual wage hikes at local private and public enterprises this year averaged over 5 percent as of July, the government said Thursday, marking a slight on-year decline.

According to a survey conducted by the Ministry of Employment and Labor, 3,408 companies with over 100 employees that concluded wage deals by July saw a 5.1 percent raise in salaries for this year, down from 5.2 percent recorded for the same period in 2011.

The wage increase rate plunged to 1.7 percent in 2009, weighed down by the global financial crisis, but climbed to 4.8 percent in 2010 and has since steadily risen.

The rate of management-labor wage deal settlement came to 38.6 percent in the first seven months, down 4.4 percentage points from last year's 43 percent, the survey said.

The study also showed that wage increases in the public sector reached 4.3 percent, while the private sector recorded 5.1 percent.

By industry, the mining sector posted the highest wage hike rate of 7.9 percent, trailed by service and real estate and rental businesses, at 7.7 percent and 7.2 percent, respectively. (Yonhap)