South Korea Q2/22 household income reaches new highs

The South Korean Bureau of Statistics reports that household income in South Korea reached a record high in the second quarter of 2022, driven by the relaxation of Covid-19 measures and the offer of government subsidies to small businesses.

The report said the monthly median income for households with one or more members rose 12.7% on an annual basis to 4.831 million won ($3,660) in the second quarter of this year, the largest quarterly increase since the 2006 data collection.

Average monthly income increased 5.3% year-on-year to 2.887 million won in 2Q22, and business income rose 14.9% to 927,000 won.

The South Korean government has lifted all COVID-19 measures since April, except for the wearing of masks indoors, resulting in higher revenues, especially for service companies.

In addition, the constantly growing number of jobs is another factor leading to higher incomes.

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