img

The economic effect of foreign workers in Korea. 101.4 trillion Korean won (90 billion in US dollars) in 2020

The economic effect of foreign workers in Korea. 101.4 trillion Korean won (90 billion in US dollars) in 2020

According to the Korean National Tax Service, 573 thousand foreign workers pay 172.5 million US dollars in total, with annual income tax. Not only that, residents tax are 41.4 million US dollars with Seoul itself.

 

According to the Immigration Policy Research Institute, there is a positive economic inducement effect obtained by foreign workers' participation in production is significant. Foreigners are contributing to domestic economic growth by increasing labour input in industries.


Most foreign workers are engaged in poor working conditions. However, there are limitations to resolving labour shortages in specific industries through measures such as the promotion of jobs for the unemployed. 


Looking for a job in Korea

https://workkorea.co.kr