SEOUL, KOREA - The balance of income earned by workers has recorded the deficit of US$501.8 million last year, the highest level ever. According to the Bank of Korea on February 3, the income earned by Korean nationals from overseas in 2012 was $641.7 million, down 14.9 percent from 2011.

Meanwhile, the amount paid by Korean companies to foreign workers was $1,182.5 million, 2.8 percent lower than that for 2011. As a result, the balance has come out to $501.8 million, up 16.4 percent from the previous year's $431.1 million.

 

The deficit volume has gradually enlarged since the balance turned to the red in 2009 for the first time at $53 million. The income earned by Korean nationals has peaked at $799.2 million in 1993 and has since declined for almost 20 years.