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Korean yard workers close in on $70,000 salaries

Seoul: Employees at Korea's top three shipbuilding companies receive an annual salary of almost 70 million won, data showed yesterday.
Annual salary for workers at Samsung Heavy Industries Co., Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. went up by an average of 20 percent from last year, set to exceed 70 million won this year.
The average annual salary for Hyundai Heavy workers was 66.62 million won, an increase of 14.2 percent from last year's 57.26 million won.
Samsung Heavy employees' average annual wage was 65.3 million won, up 18.3 percent from 2006, while that of Daewoo Shipbuilding & Marine Engineering Co. employees stood at 66.1 million won, an increase of 20.4 from last year's 54.9 million won.
Korean employees receive more than 20 times the wages of their Chinese counterparts and are among the best paid workers in Korea's industrial sector. All three of the big yards posted mammoth record profits last year. [18/4/08]




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