SEOUL, South Korea (Yonhap News Agency) – In a significant development, South Korea has reported the narrowing of the gender pay gap to a historic low, marking the first time the gap has fallen below 30% since statistics were first published in 2019.
The South Korean Ministry of Women and Family published the findings of a survey that revealed the encouraging trend. The analysis was conducted on the financial supervisory service’s electronic disclosure system (DART) report by 2,647 companies and the public institution operation information system (ALIO) report by 339 public institutions.
The average salary for male employees in the surveyed companies was 9,857,000 South Korean won (approximately 526,000 yuan), while the average salary for female employees was 7,259,000 won, resulting in a pay gap of 26.3%. This is a 4.4 percentage point decrease from the previous year’s gap of 30.7%, marking the first time the gap has fallen below 30% since the data began to be collected.
In public institutions, the average salary for male employees was 7,849,000 won, while for female employees it was 6,074,000 won, creating a gap of 22.7%. This is a 2.5 percentage point decrease from the previous year’s gap of 25.2%.
The Ministry of Women and Family attributed the narrowing of the gap to the higher wage growth rate for women (20.6%) compared to men (13.6%). Additionally, the increase in the female employment rate (27.7%) and the average work tenure for women (9.1 years) also played a role.
The narrowing of the gender pay gap in South Korea is a significant achievement that reflects the nation’s commitment to gender equality and women’s empowerment. It is a testament to the progress made in addressing systemic biases and promoting fair wages for all, regardless of gender.
South Korea has been working on various initiatives to reduce the gender pay gap. These include implementing policies that promote flexible working hours, providing parental leave for both men and women, and encouraging companies to adopt transparent salary structures.
However, despite the progress made, there is still much work to be done. The gender pay gap remains a persistent issue in many sectors, and women in certain industries continue to face wage discrimination.
The narrowing of the gender pay gap in South Korea is a positive sign that highlights the nation’s dedication to gender equality. It serves as an example for other countries to follow and reinforces the importance of addressing the gender pay gap in order to create a more equitable and just society.
As South Korea continues to work towards reducing the gender pay gap, it is crucial for the government, businesses, and civil society to collaborate in order to ensure that progress is sustained and that women are able to fully realize their economic potential.
The narrowing of the gender pay gap in South Korea is a significant milestone that should be celebrated. It is a reminder that with determination and commitment, progress can be made in addressing systemic inequalities and promoting gender equality.
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