College grad pay averages 1.44 million won

This year's average wage increase is estimated at 8.3%, up 6.1 percentage points from 1999's 2.2%. And the average starting salary of college graduates is 1.44 million won and 980,000 won without bonuses.

A recent survey of 1,339 companies by the Korea Employers Federation showed that manufacturing businesses recorded the highest wage increase at 8.9%; followed by 7.7% for retail and consumer goods repair businesses, 7.4% for transportation, storage and telecommunications; and 7.3% for construction, financing and insurance. Companies pay an average of 660.1% of monthly salary in annual bonus.

Starting salaries were 3.11 million won for general manager-level executives, 2.69 million won for assistant general managers, and 2.33 million won for managers. The initial salary of starting workers is 1.44 million won for college graduates, 1.22 million won for junior college graduates and 1.08 million won for high school graduates.

By industry, finance-insurance businesses paid the highest starting salary of 1.88 million won, while construction, manufacturing, transportation and wholesale-retail businesses paid 1.48 million won, 1.4 million won, 1.31 million won and 1.22 million won.

Foreign-invested companies or financial institutions that use an annual salary system are paying higher salaries than others with a gap of 2 million won in annual salaries for general mangers, 1.1 million won for assistant general managers, and 1.3 million won for managers, according to the KEF survey.