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NABO in the Press

NABO in the Press

  • S. Korea's tax burden ratio to surpass 20 pct for first time in 2018

    [August 05, 2018]  [ Yonhap News] On the other hand, a report by the National Assembly Budget Office said that the average tax burden for the Organization for Economic Cooperation and Development (OECD) stood at 25 percent in 2015, making Seoul's numbers one of the lowest among developed market economies with high income. 
  • Korea's top 20% income earners account for about 50% of Korean people's overseas spending

    [July 28, 2018]  [ Arirang TV] According to a National Assembly Budget Office report, Korea's top 20 percent of income earners accounted for 49.six percent of Koreans' total overseas spending in 2016. The high income group accounts for 38 percent of Korea's total income, and 31 percent of Korea's domestic spending, comparatively less than they spend overseas. The report recommended Korea boost its domestic tourism and...
  • Concerns rise on indebted self-employed businesses

    [July 16, 2018]  [ The Korea Herald] A study by the National Assembly Budget Office estimated that a 1 percentage point rise in rates would result in getting self-employed people to make an additional interest payment of 1.22 million won on average annually, compared with 941,000 won for other households.
  • US import curbs to deal heavy blow on S. Korean economy: report

    [July 05, 2018]  [ The Korea Herald] According to a report released by the National Assembly Budget Office, a Korean steel import quota to the US -- equivalent to 70 percent of annual average imports from 2015 to 2017 -- will cause a $1.2 billion loss in exports for five years until 2022.
  • U.S. import restrictions to dent S. Korean exports

    [July 05, 2018]  [ Yonhap News] The Donald Trump administration's import restrictions on the three products could make South Korea suffer an export loss of $2.47 billion over the next few years, according to the report by the National Assembly Budget Office.
  • [Newsmaker] Moon stresses importance of cutting working hours

    [July 02, 2018]  [ The Korea Herald] Moon went on to say that reducing working hours leads to increased productivity, citing research by the National Assembly Budget Office. According to Moon, the study projected that a 1 percent drop in working hours leads to a 0.79 percent increase in productivity.
  • Job data heighten calls for policy shift

    [June 18, 2018]  [ The Korea Herald] Experts say local businesses may become further reluctant to employ workers if reduced working hours result in cutting wages and dampening consumption. According to a study by the National Assembly Budget Office, the shorter workweek is projected to slash wages by 10.5 percent for regular employees and 17.3 percent for nonregular ones.
  • Korea Inc. scrambles to adjust to 52-hour week

    [June 14, 2018]  [ Korea JoongAng Daily] The National Assembly Budget Office predicts that after the new working hour system takes effect, some 955,000 employees, or 11.8 percent of all workers, will see their income fall. Each worker will receive an average cut of 377,000 won, or 11.5 percent, in their monthly salary. Ironically, low-income workers will face the steepest reductions. 
  • [Editorial] Working hours confusion

    [June 08, 2018]  [ The Korea Herald] When the 52-hour work week was approved by the parliament, its effect was foretold. The Korea Economic Research Institute estimated it would cost companies an additional 12.3 trillion won ($11.5 billion) a year to maintain their output. That‘s based on the idea of continued rates of pay. If employees lose their overtime pay with their overtime, the National Assembly Budget Office predicted those w...
  • Ratio of self-employed earnings to GNI falls to record low in 2017

    [June 03, 2018]  [ Yonhap News] The National Assembly Budget Office (NABO) said in a recent report that less money being made by self-employed people is leading to a drop in household income. "There is a need to get smaller companies to engage in more value-added businesses and to work out a way to resolve excessive competition," NABO said.
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