South Korea reported a record high in the number of foreign residents, however many of these individuals are facing economic challenges, with a significant portion earning below the national average income and struggling with the rising costs of education for their children.
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According to Statistics Korea, last year, 1.56 million foreign nationals aged 15 and older lived in the country. This reflected an increase of 130,000, or 9.1 per cent, from the previous year, marking the largest rise since 2012, according to Chosun Daily.
The study, conducted in May 2024, surveyed 20,000 foreign nationals staying in South Korea for more than 91 days, focusing on their employment status, wages, and living conditions.
About 50 per cent of the foreign residents earned 2 to 3 million won (US$1,374 to US$2,061) per month, and another 37.1 per cent received more than 3 million won monthly.
According to the country’s household survey, employees in South Korea earned an average of 3.330 million won per month as of November.
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Additionally, the survey revealed that foreign residents tend to find educating their underage children burdensome, with 44 per cent reporting the problem, while 31.1 per cent did not view it as a challenge.