Income disparity improves, earnings for self-employed plunges in Q3


South Korea’s income disparity has never
slightly in the third quarter mostly thanks to greater government support
however household income for the self-employed saw the biggest decline in
16 years due to sluggish demand eun-jung main breaks down the digits for
us the nominal income gap between the lowest and highest income brackets
narrowed in the third quarter for the first time in four years mostly due to
increased government support for low-income households statistics Korea
said on Thursday that households in the bottom 20 percent income bracket earned
an average of 1168 u.s. dollars a month from July to September up more than four
percent on-year over the same period the top 20 percent earned some eight
thousand three hundred thirty-five dollars a month on average of 0.7
percent on-year the agency said the income of the bottom 20 percent rose in
large part due to more government spending such as on public pensions it’s
the biggest jump in seven quarters the agency added that the country’s
employment market has started to recover slightly last year the average labor
income for the lowest income brackets was down more than 22 percent but this
year the figure was down only 6 percent the government welcomed Thursday’s data
and said it would continue its income let growth policy president moon said
the figures have been recovering from the second quarter and household income
and distribution are even better in third quarter this clearly reflects the
effect of the income led growth policy South Korea’s total average monthly
household income climbed 2.7 percent to slightly over $4,100 from July to
September among the figures fizz’s income for households was down 4.9
percent to around 746 dollars during the same period which was the biggest
decline since 2003 the statistics agency said the income for self-employed
business owners has decreased due to sluggish domestic consumption and more
of them were included in the bottom 20 percent this year households have paid
more ass taxes during the same period spending on Taxation pensions and
similar expenses was up nearly seven percent
on-year disposable income for households was also up 1.5 percent picking up for
the second quarter in a row you know me Arirang news

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