Economy - The Korea Times

Bureaucrats rush to join private firms for higher salary

An increasing number of bureaucrats are finding jobs at private companies that want to capitalize on their expertise and proficiency to cope with fast-changing industry landscapes, according to government and company officials on Thursday. These public officials are widely spread across the central government, including the Ministry of Economy and Finance, the Ministry of Trade Industry and Energy, the Ministry of Employment and Labor, Fair Trade Commission (FTC) and Financial Services Commission (FSC). They are mainly mid- and senior-level officials, who reportedly sought a higher salary. They are said to be unsatisfied with their relatively lower earnings compared to their peers in the private sector, despite working overtime frequently. They have been quick to take job offers from top-tier companies that promise substantially higher compensation. The most recent case was a Grade 4 official from the Ministry of Economy and Finance, who retired in June after e-commerce giant Coupang offered him a high-ranking position. Civil service in Korea has a nine-grade structure, with Grade 1 being

Jul 17, 2025By Yi Whan-woo

Bureaucrats rush to join private firms for higher salary

KOSPI soars to yearly high again

An electronic board shows the benchmark KOSPI closing at 3,183.23 points, up 49.49 points from the previous session, at the main lobby of the Korea Exchange (KRX) in Seoul's financial district of Yeouido, Thursday. The main index climbed to the highest level since Sept. 7, 2021, when it closed at 3,187.42 points. The market capitalization of the country's stock markets, including Kosdaq and KONEX, surpassed 3,000 trillion won ($2.18 trillion) mark for the first time. Yonhap

Jul 10, 2025By Yi Whan-woo

Samsung family sells late chairman Lee Kun-hee’s Itaewon hilltop residence for $16.5 million

A high-end residence in Itaewon, central Seoul, once owned by the late Samsung Chairman Lee Kun-hee, has been sold for 22.8 billion won ($16.5 million), according to government real estate data. The house, jointly inherited by members of the Samsung family, saw a value increase of more than 14.5 billion won since Lee purchased it 15 years ago. According to records released by the Ministry of Land, Infrastructure and Transport and property registries on Tuesday, the sales contract was signed on June 13. The buyer has not been identified, as ownership has not yet been officially transferred. Located on a hillside in Itaewon, Yongsan District, the property covers a land area of 1,073 square meters with a total floor area of 496 square meters. The late chairman purchased the house in 2010 for approximately 8.2 billion won from Saehan Media, a company once operated by his older brother, Lee Chang-hee. After Lee Kun-hee died in 2020, the house was inherited by his widow, Hong Ra-hee, honorary director of the Leeum Museum of Art, and their three children: Samsung Electronics Chairman Lee Jae-y

Jul 9, 2025By Hankookilbo

Samsung family sells late chairman Lee Kun-hee’s Itaewon hilltop residence for $16.5 million

Bull market raises hope for securities firms to join ‘W1 tril. club’ for 2nd straight year

A bull market is fueling optimism for five major securities firms here to join the “1 trillion won club” in operating profit for the second straight year, according to industry officials on Monday. The five — Mirae Asset Securities, Korea Investment & Securities, Samsung Securities, Kiwoom Securities and Meritz Securities — all surpassed 1 trillion won ($730.83 million) in operating profit last year after failing to do so in 2023, due to a downturn in the real estate market and other adverse economic effects. The 2024 milestone was made possible by a U.S. stock market rally and a surge in Korean retail investors’ overseas stock trading. Adding to the optimism for a revival of the “1 trillion won club” is the benchmark KOSPI recently surpassing the 3,000-point threshold for the first time since the COVID-19 era. Market analysts’ forecast for Mirae Asset Securities’ 2025 operating profit averaged 1.24 trillion won on Monday, after the company’s operating profit tallied 1.64 trillion won in 2024. The operating profit of Korea Investment & Securities is projected at 1.51 t

Jul 7, 2025By Yi Whan-woo

Bull market raises hope for securities firms to join ‘W1 tril. club’ for 2nd straight year

Why do funeral service firms expand to travel business?

A Kyowon Life telephone consultant surnamed Park says she increasingly takes calls from customers in their 60s or older who are heavily interested in the travel packages her company offers. They are all currently subscribed to the firm’s prepaid funeral service plan. Park says she also receives inquiries from potential customers, many of them in their 20s and 30s, who do not ask much about funerals. Rather, they want to know details concerning travel services that can be chosen as an alternative option only after first subscribing to the prepaid funeral service plan. “I wasn’t first sure whether they are serious about subscription, given that funeral planning, burial, cremation, memorialization and other death-related administrative tasks are far from honeymoon trips and cruise tours,” she said. Park’s experience illustrates a growing trend among funeral service providers where more customers opt to switch to travel packages and other available options after subscribing to pre-arranged plans for death. The trend is associated with Korea’s rapidly increasing life expectancy: In

Jul 5, 2025By Yi Whan-woo

Why do funeral service firms expand to travel business?

Can Commercial Act revision ease Korea discount?

The passage of the revised Commercial Act — previously vetoed during the Yoon Suk Yeol administration — is raising hopes that the legislation could serve as a turning point in addressing the Korea discount, whereby Korean firms are typically priced below their international peers, according to securities analysts on Friday. They noted that if the revision leads, as intended, to improvements in corporate governance and stronger shareholder rights, it could also positively impact the KOSPI's potential to reach a new all-time high. The revision, passed during the National Assembly's plenary session on Thursday, aims to strengthen minority shareholder protections by broadening directors' fiduciary responsibilities and enabling electronic shareholder meetings. Notably, it expands the "3 percent rule," capping the voting rights of the largest shareholders and their affiliates at 3 percent when selecting audit committee members. President Lee Jae Myung, who took office on June 4, had pledged to reform the Commercial Act during his campaign, making a presidential veto unlikely this time. As

Jul 4, 2025By Jun Ji-hye

Can Commercial Act revision ease Korea discount?

Korea moves to restrict foreigners' real estate purchases

An opposition party lawmaker has proposed a revised bill aimed at curbing foreign nationals from buying real estate properties in Korea, over heightened concerns that the government’s tightened land regulation only restricts Korean nationals from owning a home here. Rep. Kim Eun-hye of the People Power Party (PPP) said Thursday that the bill asks foreign nationals to obtain approval from relevant Korean authorities in advance when they plan to acquire real estate. Currently, property buyers from abroad are only required to report to the authorities within 60 days of the purchase. Furthermore, they can report within six months if they buy property through auctions. “It is unfair and imbalanced for foreign nationals to freely acquire and transfer a range of properties, including apartments, whereas as a string of restrictive measures discourage Korean nationals from having a home,” Kim said in a press release. The bill also calls for a land minister-led assessment at least once a year to find out whether other countries are faithfully observing Korea’s principle of reciprocity on th

Jul 4, 2025By Yi Whan-woo

Korea moves to restrict foreigners' real estate purchases

Pet ownership in Korea hits 15 million

More than 15 million people in Korea owned pets as of December last year, accounting for nearly 30 percent of the national population, according to a report released by KB Financial Group, Sunday. Since 2017, the financial group has published a biannual report offering insights and guidelines based on analysis of the country's pet-owning households' experiences, aiming to foster a more mature pet ownership culture. The report found that about 15.46 million people in Korea were pet owners in 2024, accounting for 29.9 percent of the total population. Pet-owning households totaled 5.91 million, representing 26.7 percent of all households nationwide. This marked an increase of 60,000, or 1.1 percentage points, from 2023. Pet owners reported higher levels of satisfaction, with 76 percent expressing contentment with raising pets, an increase of 8.7 percentage points. The percentage of those intending to continue raising pets rose to 74 percent, up 11.4 percentage points, while those willing to recommend pet ownership to others increased by 7.5 percentage points to 49.4 percent. With the growing

Jun 30, 2025By Jun Ji-hye

Seoul ranks 4th in global apartment prices, but just 34th in quality of life

Despite skyrocketing real estate prices, Seoul ranks only mid-tier in terms of quality of life, a new international survey has shown. The city has the fourth-highest apartment prices among major cities worldwide, surpassing both London and New York. According to Deutsche Bank Research Institute’s “Mapping the World’s Prices,” released on Monday, local time, the average price of an apartment in central Seoul is $22,875 per square meter (about 31.1 million won), making it the fourth most expensive among 69 cities. Hong Kong topped the list with $25,946, followed by Singapore and Zurich. London came in sixth with $20,953, and New York seventh with $18,532. However, average monthly income in Seoul lags behind property prices. Seoul residents earn an average of $3,278 per month (about 4.44 million won), placing the city 30th globally in income rankings. In Asia, Seoul outpaces Tokyo ($2,592, 38th), Taipei ($1,749, 46th), and Shanghai ($1,502, 49th). The city’s mortgage-to-income ratio stands at 154 percent, ranking 14th worldwide — highlighting the financial strain on homeowners

Jun 28, 2025By Hankookilbo

Seoul ranks 4th in global apartment prices, but just 34th in quality of life

More foreign tourists shop like Koreans at Musinsa, Olive Young, Daiso

Foreign tourists are shopping increasingly at retail chains where goods are not necessarily tax free but offered at affordable prices, hinting at a shift in shopping trends as they used to shop heavily at duty-free stores, data showed Wednesday. These chains include Musinsa, Olive Young and Daiso, which lead the fashion, beauty care and miscellaneous goods markets in Korea. The data, compiled by Hana Card, showed that Musinsa saw a whopping 348 percent increase in the number of foreign customers and also a 343 percent hike in their spending in 2024 from a year earlier. Over the same time period, the number of non-Korean shoppers at Olive Young rose 77 percent and their spending shot up 106 percent. At Daiso, the number of customers from abroad increased 46 percent from 2023 to 2024, while their spending went up 49 percent over the corresponding period. On the other hand, duty-free stores recorded comparatively slower growth. For all duty-free stores nationwide from 2023 to 2024, the number of foreign customers rose by 30 percent and their spending by 40 percent. “The data suggest a changi

Jun 26, 2025By Yi Whan-woo

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