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☆ South Korea digital nomad visa: what to know
▼ + stars: | 2024-02-22 | by ( Lilit Marcus | ) edition.cnn.com time to read: +6 min

According to a report in the Korea Herald, South Korea’s Justice Ministry says the digital nomad visa will make remote work and vacations smoother for visitors. The site ranks South Korea highly for nightlife and youth culture, but gives lower marks for LGBT acceptance and English-language accessibility. Meanwhile, South Korea places 49 out of 113 countries on the English Proficiency Index, which puts it in the “moderate” category. Still, Humphries is undeterred in his quest for the South Korea “workation” visa and plans to base himself in Seoul if approved. “The South Korean digital nomad visa is a great step forward for allowing foreigners to reside in the country,” he says.

Persons: Ashley Humphries, he’s, Humphries, Jungho Suh, ”, Suh, ” Jeong Hyun Cho, Jeong, Ed Jones, Gawon Bae, Veronica Lin Organizations: CNN, South Korean, Korea Herald, Korea’s, Ministry, Korean Management Institute, George Washington University, Korea –, Statistics Korea, Human Rights Commission, South Korean Society, Digital Nomads Korea WhatsApp, Getty, Foreigners, South Locations: South Korea, Asia, Dubai, Cayman Islands, Korea, Hong Kong, Thailand, Indonesian, Bali, South, Seoul, AFP, Korean, expats, Turkey, Norway, Kuwait, North America, Singapore, Japan

☆ A South Korean firm is offering to pay its workers $75,000 each time they have a baby
▼ + stars: | 2024-02-06 | by ( Gawon Bae | ) edition.cnn.com time to read: +2 min

Seoul CNN —A South Korean company is ready to pay millions of dollars to help fix the country’s abysmally low birth rate. Booyoung Group, a construction firm based in Seoul, plans to pay employees 100 million Korean won ($75,000) each time they have a baby, it said in a press release Monday. It will also pay a total of 7 billion Korean won ($5.25 million) in cash to employees who have had 70 babies since 2021, the company added. Countries like South Korea, Japan and China, however, have shied away from mass immigration to tackle the decline in their working age populations. The South Korean government and other private companies already offer financial perks to encourage people to have more children, but none on the scale of Booyoung Group’s benefits.

Persons: Group’s, Lee Joong, keun, ”, “, ” Lee, China’s Trip.com Organizations: Seoul CNN, CNN, Statistics Korea, Booyoung, South Locations: Seoul, Korean, South Korea, Korea, Japan, China

☆ South Korea Oct factory output falls most in 10 months on weaker chip production
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 30 (Reuters) - South Korea's factory output unexpectedly fell on weaker chip production in October and posted the biggest drop in 10 months, official data showed on Thursday. The industrial output index fell 3.5% in October from a month earlier on a seasonally adjusted basis, according to Statistics Korea. On a yearly basis, factory output rose 1.1%, compared with gains of 2.9% in the prior month and 5.2% expected by economists. In October, output also fell in the services sector, down 0.9% over the month, marking its first decline since May. The all-industry output index fell 1.6%, the biggest drop since April 2020.

Persons: Jihoon Lee, Chris Reese Organizations: Statistics Korea, Thomson Locations: SEOUL

☆ S.Korea's accelerating inflation set to keep policy restrictive for longer
▼ + stars: | 2023-10-05 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. REUTERS/ Heo Ran/File Photo Acquire Licensing RightsSEOUL, Oct 5 (Reuters) - South Korea's consumer inflation accelerated for a second month in September, above market expectations, official data showed on Thursday, supporting prospects of the central bank maintaining its restrictive policy for some time. Finance Minister Choo Kyung-ho said after the data release that inflation would likely stabilise again from October with seasonal factors easing. The central bank also said inflation, which was slightly higher in September than its projection, would still ease to around 3% by the end of the year. Broken down by sector, prices of petroleum products jumped 4.0% over the month, agricultural prices climbed 4.1%, while public utility prices added 5.3%.

Persons: Heo, Choo Kyung, Ahn Jae, Jihoon Lee, Ed Davies, Tom Hogue Organizations: REUTERS, Rights, Shinhan Securities, of Korea, Statistics, CPI, Thomson Locations: Seoul, South Korea, Rights SEOUL, Statistics Korea

☆ South Korea Sept consumer inflation accelerates for second month
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. REUTERS/ Heo Ran/File Photo Acquire Licensing RightsSEOUL, Oct 4 (Reuters) - South Korea's consumer inflation accelerated for a second month in September, outpacing market expectations, official data showed on Thursday. It was the second consecutive month the annual rate quickened, from a 25-month low of 2.3% in July, and marked the fastest annual rise in five months. Finance Minister Choo Kyung-ho said after the data release that inflation would likely stabilise again from October with seasonal factors easing. Broken down by sector, prices of petroleum products jumped 4.0% over the month, agricultural prices climbed 4.1%, while public utility prices added 5.3%.

Persons: Heo, Choo Kyung, Jihoon Lee, Ed Davies, Tom Hogue Organizations: REUTERS, Rights, Statistics, CPI, Bank of, Thomson Locations: Seoul, South Korea, Rights SEOUL, Statistics Korea, Bank of Korea's

☆ S.Korea Aug factory output posts biggest gain in over 3 years as chips jump
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

A factory is seen in Incheon, South Korea, May 30, 2016. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Oct 4 (Reuters) - South Korea's factory output unexpectedly jumped in August by the fastest rate in more than three years, led by chip production, official data showed on Wednesday. The industrial output index (KRIO=ECI) rose 5.5% in August from the previous month on a seasonally adjusted basis, after a 2.0% fall in July, according to Statistics Korea. That contrasts with a median 0.2% fall forecast in a Reuters survey and marks the fastest monthly gain since June 2020. On an annual basis, output was 0.5% lower, much milder than the previous month's 8.1% drop and a forecast for a 6.2% loss.

Persons: Kim Hong, Jihoon Lee, Tom Hogue, Sonali Paul 私 Organizations: REUTERS, Rights, Statistics Korea Locations: Incheon, South Korea, Rights SEOUL

Seoul, South Korea CNN —It’s no secret young South Koreans are increasingly shunning marriage and parenthood – the country’s steeply falling birth rate is clear evidence of that. The fall reflects the growing pressures on young South Koreans, including economic concerns such as unaffordable housing and rising costs of living. While having a baby is very much expected of married couples in South Korea, much of society still frowns on single parents. IVF treatment is not offered to single women, official hospital figures show. Meanwhile, couples in non-traditional partnerships also face discrimination; South Korea does not recognize same-sex marriage and regulations make it difficult for unwed couples to adopt.

Persons: South Korea CNN —, it’s Organizations: South Korea CNN, Statistics Korea, CNN, Organisation for Economic Co, Development, Statistics Locations: Seoul, South Korea, Statistics Korea, Japan

☆ South Korea July consumer inflation slowest in 25 months
▼ + stars: | 2023-08-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +1 min

An office worker eats his lunch at a convenience store in Seoul, South Korea, June 24, 2022. REUTERS/ Heo Ran/File PhotoSEOUL, Aug 2 (Reuters) - South Korea's consumer inflation cooled for a sixth consecutive month in July and by more than expected, official data showed on Wednesday. The consumer price index stood 2.3% higher in July than a year earlier, after a 2.7% rise in June and compared with a median 2.4% increase forecast in a Reuters survey of economists. It marked the weakest annual increase since June 2021, according to Statistics Korea, and was the second straight month the consumer price data came in lower than market expectations. Core inflation, which excludes volatile food and energy prices, slowed to 3.3% on an annual basis from 3.5% the previous month and hit the slowest rise since April 2022.

Persons: Heo, Jihoon Lee, Ed Davies, Jacqueline Wong Organizations: REUTERS, Statistics, Thomson Locations: Seoul, South Korea, SEOUL, Statistics Korea

☆ South Korea consumer inflation hits 21-month low
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 4 (Reuters) - South Korea's consumer inflation slowed more than expected and hit a 21-month low, official data showed on Tuesday, weighed by falling oil and agricultural product prices. It softened for a fifth consecutive month and marked the weakest annual increase since September 2021, according to Statistics Korea. Core inflation, which excludes volatile food and energy prices, slowed to 3.5% from 3.9% a month before, marking the slowest annual rise since May, 2022. Prices of petroleum products dropped 4.0% over a month and agricultural products fell 0.9%, but public utility prices rose 2.2%. Services prices rose 3.3% from a year earlier, weaker than 3.7% in May and the slowest in 14 months.

Persons: Jihoon Lee, Ed Davies, Sam Holmes Organizations: Statistics, Thomson Locations: SEOUL, Statistics Korea, South Korea's

☆ South Korea's robust economic activity in May paints brighter quarter
▼ + stars: | 2023-06-30 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

By product, output of automobiles jumped 8.7% and semiconductors rose 4.4% over the month, whereas communication devices slumped 16.9%. The finance ministry said the data showed the economy was on a recovery path after a slight correction the previous month. Factory output will rebound in the second quarter after four consecutive quarters of loss as exports bottom out, the ministry said. South Korea's heavily trade-reliant economy barely averted a recession with growth of 0.3% in the first quarter, after contracting in late 2022 for the first time in 2-1/2 years. Retail sales rose 0.4% in May, after dropping 2.6% in April - which was the worst in five months - while facility investment jumped 3.5%, the most since August.

Persons: Kang Min Joo, Kang, Jihoon Lee, Jacqueline Wong, Christopher Cushing Organizations: Statistics, ING Economics, Thomson Locations: SEOUL, Statistics Korea

☆ South Korea May factory output gets boost from cars and chips
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

SEOUL, June 30 (Reuters) - South Korea's factory production unexpectedly jumped in May, led by cars and chips, official data showed on Friday, while retail sales also rose last month in an encouraging sign for a slowly recovering economy. The industrial output index rose 3.2% in May on a seasonally-adjusted monthly basis, the Statistics Korea data showed, compared with losses of 0.6% in April and 0.8% tipped in a Reuters survey. By product, output of automobiles jumped 8.7% and semiconductors rose 4.4% over the month, whereas communication devices slumped 16.9%. Factory output will rebound in the second quarter after four straight quarters of losses, as exports bottom out, the ministry said. Retail sales rose 0.4% in May, after dropping 2.6% in April, which was the worst in five months.

Persons: Jihoon Lee, Shri Navaratnam, Jacqueline Wong Organizations: Statistics, Thomson Locations: SEOUL, Statistics Korea

☆ South Korea's jobless rate in May falls to record low
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

SEOUL, June 14 (Reuters) - South Korea's jobless rate fell in May to a record low, official data showed on Wednesday, indicating a still robust labour market despite signs of slowing economic growth. The country's seasonally-adjusted unemployment rate fell to 2.5% in May from 2.6% in April, the lowest since the data series began in June 1999, according to Statistics Korea. By industry, health and social welfare workers increased 166,000, followed by hospitality and catering services which gained 128,000 employees. The job increase was led by people in their 60s and older, up by 379,000, offseting declines in other age groups. Reporting by Jihoon Lee; Editing by Christian Schmollinger and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Jihoon Lee, Christian Schmollinger Organizations: Statistics Korea, Thomson Locations: SEOUL, Lincoln

☆ South Korean inflation cools to 19-month low, core remains higher
▼ + stars: | 2023-06-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

FILE PHOTO: Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. However, the central bank said the inflation outlook was highly uncertain, citing risks from global oil prices, economic growth and public utility price increases. By product, agricultural prices rose 0.5% in May month-on-month, while utility prices jumped 2.2%. Core CPI, which excludes volatile food and energy prices, rose 3.9% in May on-year, the slowest increase in 10 months. But it was the second straight month that the core rate stayed above the headline rate, following its 4.0% rise in the previous month.

Persons: Heo, ”, Ahn Jae Organizations: REUTERS, Statistics, Petroleum, Shinhan Securities, The Bank, CPI Locations: SEOUL, Seoul, South Korea, Statistics Korea, Korea

☆ South Korea April factory output falls, retail sales drop most in five months
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

SEOUL, May 31 (Reuters) - South Korea's factory production and retail sales dropped in April, official data showed on Wednesday, indicating another tough quarter ahead after the economy narrowly averted a recession in the first quarter. The country's factory output in April fell 1.2% from March, on a seasonally adjusted basis, coming in slightly softer than a 1.6% loss tipped in a Reuters survey. In March, output rose by 5.3% from February, which was the fastest gain since June 2020, according to Statistics Korea. The all-industry output index, which includes the manufacturing as well as services sectors, fell 1.4% in April over a month, marking the first monthly decline since November and the biggest drop in 14 months. On the consumption side, retail sales dropped 2.3% from a month earlier, after a 0.1% gain in the previous month, marking the first monthly fall since January and the biggest in five months.

Persons: Jihoon Lee, Christian Schmollinger, Stephen Coates Organizations: Statistics Korea, Thomson Locations: SEOUL

☆ South Korea inflation hits 14-month low, backs view rate-hike cycle is over
▼ + stars: | 2023-05-02 | by ( Choonsik Yoo | ) www.reuters.com time to read: +1 min

SEOUL, May 2 (Reuters) - South Korea's consumer inflation eased for a third consecutive month to a 14-month low in April and the central bank expects the downward trend to persist for some time, supporting the market's view that its policy tightening cycle is over. The consumer price index (CPI) stood 3.7% higher in April than a year earlier, the Statistics Korea data showed on Tuesday, marking the slowest growth since February last year and following a 4.2% increase in March. The Bank of Korea (BOK) issued a broadly dovish statement, although it repeated that uncertainty remained high over the future path of inflation. "The consumer price growth will show a clearly slowing trend through the middle of this year, while the core price growth will show a trend of easing at a slower pace than the headline inflation," it said. The central bank held interest rates steady at the last two successive policy meetings after raising them by 300 basis points since late 2021.

☆ South Korea April inflation eases to 14-month low, matches expectations
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

SEOUL, May 2 (Reuters) - South Korea's consumer inflation eased for a third consecutive month to a 14-month low in April on an annual basis, data showed on Tuesday, supporting the market's perception that the central bank's policy tightening cycle is over. The consumer price index (CPI) stood 3.7% higher in April than a year earlier, the Statistics Korea data showed, marking the slowest growth since February last year and following a 4.2% increase in March. Despite the sustained cooling in annual inflation, other measures showed inflation pressure was far from disappearing as prices rose on a monthly basis and annual inflation held steady when excluding volatile items. The CPI rose 0.2% in April from March, gaining for a fifth consecutive month, while the annual growth in the index excluding foods and energy items held steady at 4.0% for a third consecutive month, the data showed. The official target for the Bank of Korea's monetary policy is managing the broadest CPI growth at around 2% on an annual basis.

☆ South Koreans tap cash-giving apps to help offset rising living costs
▼ + stars: | 2023-04-24 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

As many as three in four adults earn cash through such applications, showed a recent survey by job portal Incruit. Retiree Han Sun-jae, 77, said he had made some 50,000 won ($37.91) so far through the Toss app. The trend shows people are going the extra mile to help overcome an increasingly dire economic situation, experts said. "While the effort to make pocket money is commendable, it could also leave people vulnerable to personal data use," said Lee Eun-hee, a consumer studies professor at Inha University. ($1 = 1,318.79 won)Reporting by Hyunsu Yim; Additional reporting by Ju-min Park; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ South Korean millennials and Gen Z are raging against the idea of a 69-hour workweek. They are tired, having fewer babies, and are even working themselves to death.
▼ + stars: | 2023-04-06 | by ( Nidhi Pandurangi | Reena Koh | ) www.businessinsider.com time to read: +6 min

The South Korean government wants to increase the workweek to 69 hours. The 69-hour limit relates to a six-day workweek, while the 80.5-hour limit is applicable for a seven-day workweek, according to South Korean outlet Han Kyeo Re. In 2020, 14 delivery couriers in South Korea died of overwork stemming from increased deliveries during the COVID-19 pandemic, Reuters reported, citing a union representative. Notably, the culture of long working hours and death linked to overworking is not specific to South Korea. However, the government is trying to disconnect longer working hours from low birth rates.

☆ South Korea data shows uneven economic recovery, suggests steady rates
▼ + stars: | 2023-03-30 | by ( Choonsik Yoo | ) www.reuters.com time to read: +2 min

SEOUL, March 31 (Reuters) - South Korea's factory output slumped while retail sales jumped in February, data showed on Friday, signalling an uneven economic recovery and bolstering the market's view that the central bank will keep rates on hold for the rest of the year. The industrial output index fell 3.2% in February from the month before after a 2.4% gain in January, while the retail sales index jumped 5.3% month-on-month after a 1.1% drop in January, according to Statistics Korea. South Korea's central bank, which started raising interest rates in August 2021 ahead of most central banks, has raised the policy rate by 300 basis points from just 0.5% but kept it unchanged at its latest meeting in February. Bank of Korea Governor Rhee Chang-yong told reporters after the February decision that the central bank would not resume its rate hikes if inflation continued to moderate. Economists said the robust retail sales data could be temporary given the worsening outlook for exports, which influence a wide range of economic activity in South Korea.

☆ Older workers pull South Korea jobless rate down to record low
▼ + stars: | 2023-03-15 | by ( Choonsik Yoo | ) www.reuters.com time to read: +1 min

SEOUL, March 15 (Reuters) - South Korea's unemployment rate has fallen back to a record low, data showed on Wednesday, mainly due to increased employment among people aged 60 and over, and as shrinking exports and a sluggish housing market have yet to significantly hit payrolls. The unemployment rate was 2.6% in February versus 2.9% in January on a seasonally adjusted basis, matching a record low also touched in August, showed data from Statistics Korea. "Manufacturing and construction sectors, among others, will soon begin to show the effects of shrinking exports and a weakening housing market," said Park Sang-hyun at HI Investment and Securities. People aged 60 or older contributed most to the declining unemployment rate with the figure in this age group falling to 1.6% from 2.6% a month earlier. Reporting by Choonsik Yoo; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea Feb unemployment rate eases to match record low
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

SEOUL, March 15 (Reuters) - South Korea's unemployment rate eased to match a record low of 2.6% in February from 2.9% in January on a seasonally adjusted basis, data showed on Wednesday. This is the same as the record set in August last year. Adults aged 60 or older led the drop as the unemployment rate for this age group fell to 1.6% in February from 2.6% in January. Rates for other age groups changed little or even rose, the Statistics Korea data showed. Reporting by Choonsik Yoo; Editing by Chris Reese and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's slowest inflation in 10 months bolsters views for no more hikes
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: +1 min

South Korea's consumer inflation for February hit its slowest pace in 10 months, bolstering views that the central bank is done with its current policy tightening cycle after it held rates steady last month. The consumer price index rose 4.8% in February from a year before, Statistics Korea data showed on Monday, easing from January's 5.2%. It was below the 5.1% tipped in a Reuters poll, and was also the lowest rate since April 2022. "It was encouraging that the rising pace of private service prices slowed, lowering the possibility of additional rate hikes by the central bank, at least on the domestic side," said Ahn Jae-kyun, a fixed-income analyst at Shinhan Securities. Annual core inflation, which excludes volatile food and energy prices, inched down to 4.0%, from 4.1% a month before, and hit the lowest since August, suggesting easing underlying price pressure.

☆ S.Korea inflation slowest in 10 months, bolsters views for no more hikes
▼ + stars: | 2023-03-06 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

The consumer price index rose 4.8% in February from a year before, Statistics Korea data showed on Monday, easing from January's 5.2%. By product category, prices of livestock products fell 3.2% from the previous month and petroleum products slid 1.3%, dragging the inflation rate lower. The inflation index rose 0.3% on a monthly basis, compared with 0.8% in the previous month and 0.5% expected by economists. The BOK held interest rates steady last month, after a year of uninterrupted hikes, and said the monetary tightening campaign would not resume if inflation followed an expected path towards moderation. Finance Minister Choo Kyung-ho separately said that the inflation slowdown would become clearer going forward, unless there were an external shock.

[1/2] Chinese tourists stand next to street vendors at Myeongdong shopping district in Seoul, South Korea, January 9, 2023. REUTERS/Kim Hong-JiSEOUL, March 2 (Reuters) - South Korea's government on Thursday promised to boost exports and attract tourists as the country's statistics agency released January data that showed gloomy prospects for the economy. Reflecting the sense of urgency within the government, South Korea's trade minister convened a separate emergency meeting of officials from almost all ministries to press for more exports. South Korea's official forecast is for exports to drop 4.5% in 2023 compared with last year. South Korea's trade-reliant economy contracted by an estimated 0.4% in the fourth quarter of 2022 from the previous quarter as exports collapsed.

☆ South Korea's world lowest fertility rate drops again
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 22 (Reuters) - South Korea's fertility rate dropped last year to a record low, data showed on Wednesday, in yet another grim milestone for the country with the world's lowest number of expected children for each woman. The government has failed to reverse the falling birth rate despite spending billions of dollars each year on childcare subsidies. As of 2020, South Korea was the only country among the OECD members to have a rate below 1, giving it a shrinking population. Being married is seen as a prerequisite to having children in South Korea, but marriages are also plunging in the country amid sky-high costs of housing and education. The nation's capital Seoul logged the lowest birth rate of 0.59.

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