Average Annual Salary of Newly Employed University Graduate is 24.72 Million Won

A survey showed that the average annual salary of newly employed university graduates this year is 24.72 million won and that Shinhan Bank provided the highest salaries.

Such results were found in a survey of annual wages of recently graduated new employees taken from 338 major corporations, cited Korea Recruit (www.recruit.co.kr), a professional recruiting agency, on February 19.

The industry with the highest average was the financial business at an average of 28.12 million won. The runners-up were the shipbuilding industry, heavy industry, and the automobile industry following in second place with 26.52 million won, then the IT and communications industries with 26.5 million won, and then the petrochemical industry with 25.18 million won. The electric and electronics industries were next with 24.56 million won, and the construction industry stood at 24.41 million won.

By contrast, the distribution and service industries had the lowest yearly wages at 22.22 million won. Education, apparel and the leather industry provided 22.63 million won, the food and restaurant industries 23.03 million won, and the machine and steel industries 23.94 million won. All of the annual wages proffered by these industries were below the average.

The Shinhan Bank marked the highest annual pay among individual corporations in all industries with 34 million won. LG Insurance came in second with 33.4 million won, and then Hyundai Card and Pusan Bank with 30 million won.

In the construction industry, Hyundai E&C, Daelim E&C, and Daewoo E&C’s yearly salary ranged from 28 million to 29.5 million won and were higher than the industry’s average. In the machine and steel field, HYSCO gave out top salaries at 26 million won.

Meanwhile, the survey showed that there is a wide gap between corporations, with a certain corporation in the distribution and service industry giving out an annual salary a little over 10 million won.

Do-Young Kim nirvana1@donga.com