KOREA: Workers in Early 50s Spend Most on Medical Care

SOEUL (Korea Times), March 7, 2006: Salaried workers in their early 40s emerged as the age group earning the largest wages last year, reflecting retirement age is getting younger. The 45-49 age bracket had the highest educational expenses on average among all age groups. Dining out expenditure was most among 50-54 year olds and Medical Expenses among 55-59 year olds. According to the urban household income tally compiled by the National Statistical Office, the breadwinners aged 40-44 years old collected the highest average monthly wage of 2.6 million won in 2005, followed by 45-49 year olds with 2.51 million won. Salaried workers in their late 30s earned 2.4 million won on average and those in their early 30s, aged 30 to 34 year old, earned 2.24 million won. Workers in the 50-54 year old age group earned 2.18 million won on average. "It seems that shortening retirement age is affecting the average monthly wage of salaried workers in their 50s,’’ said the NSO in the report. "But as results can vary depending on the sampling population, the reversal in household monthly wage between early and late 40s does not carry a big statistical significance," it noted. However, by overall monthly income, which combines monthly wage with interest income and other kinds of non-wage income, those in their late 40s topped the list with 3.53 million won on average. Trailing them were those in their late 50s with 3.52 million won, those in their early 50s with 3.49 million won and those in their early 40s with 3.48 million won. Households led by wage earners in their late 40s spent 2.87 million won on average, the highest among all age groups, trailed by those supported by those in their early 40s with 2.8 million won. Those in early 50s spent 2.79 million won and those in their late 50s 2.57 million won. Homes led by thirty-something breadwinners were found to spend 2.35-2.51 million won on average. Due to hefty middle and high school and university tuition fees and related costs, households led by wage earners in their late 40s had the greatest monthly children educational expenses of 428,000 won, followed by those led by early 40s with 413,000 won and those led by late 30s with 270,000 won. Households with patriarchs in their early 50s had the greatest monthly dining out expense of 308,000 won, followed by late 40s with 304,000 won, early 40s with 290,000 won and late 50s with 274,000 won. Households with breadwinners in their late 50s spent the greatest 120,000 won on medical care a month, and those led by patriarchs older than 60 year old used up 117,000 won. By Kim Sung-jin Staff Reporter Copyright© KoreaTimes.co.kr All rights reserved