Average income in q1 krw 5358,000 won 3.7% ↑
1.5 million won per month in the first quarter… 5th minute 11160,000 won
1st to 3rd quarter of working income decreased… For the first time since 2017
4th to 5th quarter of business income showed downward trend for 5th consecutive quarter
With the proliferation of new coronavirus infections (Corona 19), the income gap of the lower 20% (1st) and the top 20% (5th) was more open than a year ago, while the number of temporary and daily workers decreased.
Business income rose in the sixth quarter, but the fourth and fifth-largest quarters of self-employed workers continued to decline in the fifth quarter.
According to the “First Quarter 2020 Household Trends Survey”, released on 21 March by the Office for National Statistics, the average monthly income of households (two or more) in the first quarter was KRW 5358,000, up 3.7% from a year earlier. Real income, excluding inflation, also increased by 2.5% compared to the same period last year.
One of the leading indicators of the distribution of national income, the “equalized disposable income 5-quart ratio” increased by 0.23 points (p) from a year earlier (5.18) to 5.41 times. Since last year, the income and spending sectors of the Household Trends Survey have been consolidated and revamped, making it impossible to compare the previous indicators for 2019 with this year’s indicators.
The “Equalized Disposable Income 5Th Quark Ratio” is calculated by dividing the average income in the fifth quart by the average income of one quart, taking into account the number of households. This indicator, which indicates how many times the income in the fifth quarter is greater than the first quarter, can be interpreted as severe degree of income inequality.
Regarding some of the criticisms of The Moon Jae-in government’s income-driven growth policy, he said, “I think it is not appropriate to evaluate government policy specifically,” adding, “This quarter’s income distribution has had a number of economic and economic factors, and we cannot say by dividing the effects of government policy.”
The five-quart scale based on “market income” is 8.59 times. Based on market income, which is the sum of working income, business income, property income, and private transfer income, the effect of the government’s income redistribution policy can be seen at the fifth quarre ratio. 3.18times, minus 5.41 times the disposable income, is the effective ness of government policy at 8.59 times.
In the first quarter, the income of households nationwide increased by 2.2% from the previous year to KRW 938,000. Business income declined for the fifth consecutive quarter after q4 2018, but was positive in the sixth quarter.
Working income, which accounts for the largest share of total income, was KRW 3529,000, up 1.8% from a year earlier. The survey found that transfer income, including public transfer income, which the government provides free of charge, increased by 4.7% to KRW 696,000. Public transfer income increased by 13.4% to KRW 452,000. This includes public pensions (public pensions, public pensions, etc.), basic pensions (old age pensions, etc.), and social benefits (work subsidies and child allowances).
Property income, which included dividends, interest, and personal pension income, increased by 22.4% to KRW 45,000. 79.8% of non-ordinary income, such as economic expenses, pension salaries, lottery winnings, etc., was KRW 151,000.
By income quarl, the average monthly income per quarter was KRW 1498,000, which was similar to a year earlier (0.0%); first quarter income decreased for five consecutive quarters from q1 2018 (-8.0%) to q1 last year (-2.5%) and the second quarter of last year (0.04%) increased. Since then, the increase has expanded to 6.9% in the fourth quarter of last year, but it has been split again in the first quarter.
First-quarter working income was KRW 513,000, down 3.3% from a year earlier. First-quarter working income decreased for seven consecutive quarters (-6.5%) in the third quarter of last year (-6.5%) after recording the first quarter of 2018 (-13.3%) in the fourth quarter of last year (6.5%) Increased in the eighth quarter. This time, however, it turned to negative again.
It is analyzed that the decrease in the number of temporary and daily workers due to Corona 19 has resulted in a slump in working income. This also affected a small reduction in the proportion of workers’ households.
Business income increased 6.9% from a year earlier to KRW 257,000. The statistics office said sales were affected by the increase in sales, such as convenience stores and small Internet shopping malls.
The previous income was KRW 697,000, up 2.5% from a year earlier. Of these, public transfer increased by 10.3% to KRW 511,000. Private transfer was KRW 186,000, a decrease of 14.1%. Non-ordinary income was KRW 16,000, up 5.8% from the previous year.
The average monthly income of fifth-quarter households was KRW 11158,000, an increase of 6.3% from a year earlier. It appears that working and transfer income swelled due to the increase in large-scale workplace salaries and the increase in the benefits of high national pensions.
Working income in the fifth quarter was KRW 8127,000, up 2.6% from the same period last year. Business income, on the other hand, decreased by 1.3% to KRW 1526,000. Property income was 44.8% to KRW 115,000. Public transfer income (KRW 518,000) increased by 36.2%, while previous income (KRW 829,000) increased by 18.2%.
The average monthly income per household in the lower income group 20-40% (second quarter), middle-tier income (40-60%), and the upper 20-40% (fourth quart) of income in the upper tier increased by 0.7% (317,000 won), 1.5% (KRW 462,000) and 3.7% (KRW 634,000) respectively from a year earlier.
Working income decreased by 2.5% and 4.2%, respectively, in the second and third quarts. The fourth quaror increased by 7.8%. It is the first time since q1 2017 that working incomes have decreased in the first to three quarters and the fourth-to-fifth quart has increased. The fourth and fifth quarors continued the fifth consecutive quarter of declines, with business income declining by 12.3% and 1.3%, respectively.
Disposable income per minute was KRW 1234,000, an increase of 3.9% compared to the same quarter of the previous year. Disposable income in the fifth quart increased by 8.3% to KRW 8768,000. Disposable income, which represents the spending power of real households, is an income that can be consumed freely, excluding compulsory payments such as taxes and public pensions. It is calculated as the excluding non-consumption expenditures from nominal income.
The average monthly consumer spending was KRW 1486,000, down 10.0% from a year earlier. Consumer spending in the fifth quarre was KRW 4686,000, a 3.3% decrease.
In terms of consumption expenditure, the first quarter is food and non-alcoholic beverages (21.8%), housing, water, light heat (18.3%), and health (13.8%) There was a lot of spending. On the other hand, the fifth quart is transportation (14.5%), food and non-alcoholic beverages (12.3%), food and accommodation (12.3%) Spending was higher in order.
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