SK Energy Co. is the highest paying company in South Korea among the top 30 companies in terms of domestic sales. It paid its employees an average of 152 million won (US$133,638) last year. Employees from nine other firms, including S-Oil Corp., GS Caltex Corp. and Samsung Electronics Co., were paid an annual salary of above 100 million won (US$87,974) on average.
Local job search site Saramin analyzed the average annual salary of 28 companies which disclosed the 2018 annual business report to the Financial Supervisory Service. The companies all belonged to the top 30 conglomerates in terms of sales.
The average annual salary of the 28 companies came to 91 million won (US$80,063). In particular, the nation’s three oil refiners, which show longer average years of service, all made the top three list. South Korea’s leading oil refiner SK Energy paid the highest average annual salary with 152 million won (US$133,638) per employee, followed by S-Oil with 137 million won (US$120,503) and GS Caltex with 125 million won (US$109,948).
In addition, Samsung Electronics paid employees 119 million won (US$104,680) on average, SK Telecom Co. 116 million won (US$102,050), Hyundai Oilbank Co. 115 million won (US$101,170), SK Hynix Inc. 107 million won (US$94,132), Lotte Chemical Corp. 106 million won (US$93,252) and Samsung C&T Corp. 105 million won (US$92,373). POSCO also made the top 10 list with 98 million won (US$86,214).
A spokesperson from Saramin said, “The number of employers which paid more than 100 million won (US$87,974) of an annual salary on average increased to 9, up 3 from a year earlier. Most of oil refining and chemical companies were in the upper ranks.”
There was also a gender pay gap. The average annual salary of male employees from 17 firms which disclosed an average annual pay based on gender stood at 101 million won (US$88,893) last year, while that of female employees came to 66 million won (US$58,088). This was largely due to fact that female employees had a shorter period of service due to marriage, childbirth and parenting than male employees.