- California Assembly OKs highest minimum wage in nation
- S. Korea unveils first graphic cigarette warnings
- US joins with South Korea, Japan in bid to deter North Korea
- LPGA golfer Chun In-gee finally back in action
- S. Korea won’t be top seed in final World Cup qualification round
- US men’s soccer misses 2nd straight Olympics
- US back on track in qualifying with 4-0 win over Guatemala
- High-intensity workout injuries spawn cottage industry
- CDC expands range of Zika mosquitoes into parts of Northeast
- Who knew? ‘The Walking Dead’ is helping families connect
More than 120 Korean firms cut pay of execs this year
(Yonhap) – More than 120 companies slashed the salaries of their highly-paid executives, data showed Sunday, in what could be an attempt to avoid a mandatory remuneration disclosure.
Listed companies are required to reveal the salary details of executives whose annual income tops 500 million won (US$470,000) under a revised bill on the capital market.
South Korean listed firms had been previously making only the average annual salaries of their executives open to the public.
Last year, 219 companies paid more than 500 million won to their executives on average, according to the data by market researcher Chaebul.com.
A total of 45 out of 219 companies slashed the salaries of their executives more than 30 percent in the first nine months of this year, compared with the same period last year, said Chaebul.com. Others cut the pay of their executives by more than 10 percent.
AmorePacific Corp., South Korea’s leading cosmetics manufacturer, paid 415 million won ($390,000) to its executives on average between January and September, down 71.2 percent from 1.44 billion won ($1.36 million), said Chaebul.com.
Hankook Tire Worldwide Co. paid 393 million won ($370,000) to its executives on average in the first nine months of this year, down 70.5 percent from 1.33 billion won during the same period last year.
Meanwhile, Samsung Electronics Co., the world’s top maker of smartphones, increased the salaries of its executives by 11.9 percent in the cited period. Last year, Samsung Electronics paid 5.2 billion won ($4.91 million) to its executives on average.