Last year, there were 15 public organizations with an average employee salary of more than 100 million won.

Nine of them are higher than the average salary of Hyundai Motor Company, which had the largest operating profit among listed companies in the first quarter of this year.

For the first time this year, the average salary of all public sector employees earning more than 70 million won is higher than that of large enterprises and more than double that of small and medium-sized enterprises. The public sector is often referred to as “God’s workplace” for its high salaries and stable jobs.

The average starting salary for a new employee is 37.9 million won, and there were seven companies with more than 50 million won.

According to the public management information disclosure system Alio and Statistics Korea, the average compensation of 362 public institutions (including affiliated organizations) that disclosed the average compensation of their employees last year was 73.82 million won. This is based on the average compensation of regular employees.

The Korea Electronics and Telecommunications Research Institute had the highest compensation at KRW 117.09 million, followed by Korea Investment Corporation (KRW 115.72 million), Korea Development Bank (KRW 112.89 million), Korea Small Business Bank (KRW 18.84 million), Korea Institute of Machinery (KRW 17.37 million), and Korea Export-Import Bank (KRW 16.15 million).

[Table] Top 30 Public Institutions with the Highest Employee Salaries as of 2022 (Unit: KRW 10,000)

(Source: Alio)

Including these, there are 15 public organizations with an annual salary of more than 100 million won.

In 2018 and 2019, there were seven public organizations with annual salaries of more than 100 million won each, and the number increased to nine in 2020, then to 17 in 2021, before decreasing by two last year.

The average annual salary of men was 75.39 million won, 23.1% higher than that of women (61.32 million won).

The top employer for men was the Korea Development Bank with 127.75 million won, followed by the Government Legal Affairs Corporation (125.93 million won) and the Korea Investment Corporation (124.03 million won). Women’s salaries were higher at the Korea Electronics and Telecommunications Research Institute (116 million won), Small and Medium Business Bank (127 million won), and Korea Ceramic Technology Institute (98.73 million won).

There are 30 public organizations where men earn more than 100 million won per year, but only two for women.

The annual salary of public sector employees was higher than that of large companies and more than double that of SMEs.

According to the ‘2021 Wage and Salary Income (Compensation) Results’ released by Statistics Korea in February, as of December 2021, the average income of workers in large companies was 5.63 million won per month (before taxes) and 2.66 million won per month in small and medium-sized enterprises. This translates to 67.56 million won and 31.92 million won per year, respectively.

Crowds at job fairs
(Daejeon = Yonhap) Kim Jun-beom reports that job seekers receive counseling at a booth at the ‘2023 Chungcheong Region Public Institutions Regional Talent Recruitment Fair’ held at Daejeon City Hall in Dunsan-dong, Seo-gu, Daejeon, on the afternoon of May 2. 2023.5.2 psykims@yna.co.kr

Taking this into account, the average compensation of regular employees in public institutions last year (73.82 million won) was 4.2 percent higher than that of large companies and 2.2 times that of small and medium-sized enterprises.

The salaries of the top public organizations are also not small compared to major Korean conglomerates.

The Korea Electronics and Telecommunications Research Institute, which was the highest paid organization last year, ranks in the top six when compared to the top 10 companies by market capitalization.

According to the Financial Supervisory Service’s electronic disclosure system, as of the 19th, five of the top 10 companies by market capitalization had higher annual salaries than KITA (117.09 million won): Samsung Electronics (135 million won), SK Hynix (134 million won), Naver (134 million won), POSCO Holdings (121 million won), and LG Chem (120 million won).

[Table] Average Compensation of Employees in the Top 10 Companies by Market Capitalization (Unit: KRW million)

(Source: Financial Supervisory Service Electronic Disclosure System)

Five of these companies, Samsung SDI (116 million won), Kia (112 million won), Hyundai Motor (105 million won), LG Energy Solutions (99 million won), and Samsung BioLogics (92 million won), are lower than ETRI.

Compared to Hyundai, which had the largest operating profit among listed companies in the first quarter of this year, nine companies, including the Korea Electronics and Telecommunications Research Institute, Korea Investment Corporation, and Korea Development Bank, are higher than Hyundai.

[Graphic] Salaries of public sector employees
(SEOUL) Kim Min-ji Reporter = minfo@yna.co.kr
Twitter @yonhap_graphics Facebook tuney.kr/LeYN1

The average starting salary for new employees last year was 37.93 million won스포츠토토.

The public institution with the highest starting salary was the Korea Atomic Energy Research Institute, at 53.48 million won, followed by the Small and Medium Business Bank (52.46 million won), the Korea Institute of Standards and Technology (515.89 million won), the Korea Development Bank (51.35 million won), the Korea Investment Corporation (51.16 million won), the Korea Research Foundation (50.02 million won), the Aviation Safety and Technology Institute (58.04 million won), the Credit Guarantee Fund (49.98 million won) and the Technology Guarantee Fund (49.60 million won).