Seoul Overtakes Ulsan as Best-Paid City

September 29, 2020 12:24

/Yonhap

Seoul has snatched the title of best-paid city in Korea from the industrial port of Ulsan for the first time since 2006.

According to a survey on nationwide wages released Monday by the Ministry of Employment and Labor, the per-capita pre-tax wage of a company in Seoul employing more than five workers stood at W4.18 million (US$1=W1,173). Ulsan came second with W4.17 million.

The government announces the ranking once a year based on April data.

Ulsan overtook Seoul for the first time in 2007 and held the top rank since. But now the per-capita monthly wage in Ulsan has fallen 4.3 percent on-year, the biggest decline among major regions.

The main reason was the lackluster performance of the manufacturing industry, the backbone of Ulsan’s economy.

Shipbuilders’ overseas orders shrank drastically due to the coronavirus pandemic, and carmakers also suffered a sharp decline in worldwide demand, while petrochemical exports took a hit from low international oil prices and weak global economies.

As a result, the number of workers in Ulsan shrank 0.4 percent on-year in April and 2.9 percent more recently.