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The Finance and Insurance Industry Boasts the Highest Average Salary, Reveals Data

[서울파이낸스 이진희 기자] The industry with the highest average annual salary was found to be the finance and insurance industry.

According to data submitted by National Tax Service by Jin Seon-mi, a member of the National Assembly’s Planning and Finance Committee, on the 1st, there were 19,959,148 people who reported earned income in 2021, and their total salary was 803.286 trillion won. The average salary per wage earner was calculated to be 40.24 million won per year.

By industry, the financial and insurance industry had the highest average salary per person at 89.14 million won. The highest salaries were in the electricity, gas and water industry (KRW 74.18 million), mining (KRW 55.3 million), manufacturing (KRW 48.74 million), and real estate (KRW 46.03 million).

Industries with lower-than-average wages include health care (40 million won), construction (39.15 million won), service industry (36.59 million won), wholesale (36.58 million won), agriculture, forestry and fishing (28.71 million won), and retail industry (20 million won). There were seven industries, including food and lodging (KRW 6.79 million) and food and lodging (KRW 16.95 million).

The difference between the industry with the highest average salary (finance and insurance industry) and the industry with the lowest average salary (food and lodging industry) was 5.3 times.

The average salary of 19,959 people, the top 0.1% of all wage earners, was 956.15 million won. While there were 2,743 wage earners in the financial and insurance industry in this section, there were only 61 wage earners in the food and lodging industry.

The average salary of the top 1% was 317.3 million won, and the average salary of the top 10% was 83.28 million won.

Representative Jin Seon-mi pointed out, “The average salary by industry shows a gap of up to five times more,” and added, “There is a need for a balanced increase in income that takes into account industry characteristics such as work type and work intensity.”

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2023-10-01 08:43:02
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