[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.
[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...
[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.
[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.
[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.
[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.
[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.
[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.
[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...
[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.