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OECD Report Ranks Korea Near Bottom in Income Redistribution Through Taxes and Welfare

OECD Report Ranks Korea Near Bottom in Income Redistribution Through Taxes and Welfare

A recent analysis of Organisation for Economic Co-operation and Development (OECD) data for 2023 reveals that Korea ranks near the bottom among member states in income redistribution through taxes and welfare systems. The country's Gini coefficient, a measure of income inequality, improved by 17.6 percent after taxes and transfers, which is approximately half the OECD average of 34.4 percent. This places Korea 28th out of 29 OECD member countries for which data was available, with only Costa Rica showing a lower improvement rate at 12.1 percent. While Korea's market-income Gini coefficient (before taxes and transfers) was 0.392, indicating a relatively high level of equality among the 29 compared countries, its disposable-income Gini coefficient (after taxes and transfers) was 0.323, placing it 22nd. This suggests that despite a relatively equal distribution of market income, the tax and welfare systems are less effective at further reducing inequality compared to other OECD nations.

Jasmine Paolini to Compete in 'The Six' Exhibition Tournament in Seoul

Jasmine Paolini to Compete in 'The Six' Exhibition Tournament in Seoul

Jasmine Paolini to Compete in 'The Six' Exhibition Tournament in Seoul

Environment Agency – Abu Dhabi (EAD) Advances Source-to-Sea Initiative in South Korea Ahead of UN Water Conference

Environment Agency – Abu Dhabi (EAD) Advances Source-to-Sea Initiative in South Korea Ahead of UN Water Conference

The Environment Agency – Abu Dhabi (EAD) has conducted the second phase of its global Source-to-Sea initiative in the Republic of Korea. This event brought together policymakers, scientists, international organizations, and industry leaders to promote integrated water governance in anticipation of the 2026 United Nations Water Conference, which will be hosted in Abu Dhabi. The seminar, held in partnership with the Global Green Growth Institute (GGGI) and supported by the UAE Embassy in Seoul, was led by H.E. Dr. Shaikha Al Dhaheri, Secretary General of EAD. Key participants included H.E. Jamal Abdulla Al Suwaidi, UAE Ambassador to the Republic of Korea, Sang-Hyup Kim, Executive Director of GGGI, and Hyosung Ha, Deputy Director at the Republic of Korea’s Ministry of Climate, Energy and Environment (MCEE). The initiative, which began with its launch during the High-Level Political Forum in New York in July, aims to continue its global journey to other destinations before concluding at the UN Water Conference...

South Korea says North Korea has launched an additional projectile toward the sea

South Korea says North Korea has launched an additional projectile toward the sea

South Korea says North Korea has conducted an additional launch, firing a projectile toward the sea after launching a short-range ballistic missile earlier in the day

Lee Byung-hun, Acting Chair of Presidential Regional Era Committee, Addresses Balanced Growth Strategy

Lee Byung-hun, Acting Chair of Presidential Regional Era Committee, Addresses Balanced Growth Strategy

Lee Byung-hun, acting chair of the Presidential Regional Era Committee, delivered a keynote address at a joint workshop held by the Daegu and North Gyeongsang committees. The workshop, which took place at the Hilton Hotel in Gyeongju, focused on the central government's 'five-pole, three-special' national balanced growth strategy under the People's Sovereignty Government. Approximately 50 individuals attended the event, including committee members from both regions and civil servants. Lee Byung-hun outlined the administration's policy direction and future priorities regarding balanced growth. The workshop also included briefings on the progress of the Daegu–North Gyeongsang administrative merger and lessons learned from the South Jeolla–Gwangju merger, presented by Moon Tae-gyeong, director of the local government policy division at North Gyeongsang Province, and Min Hyeon-jeong, head of the future strategy research division at the Gwangju Research Institute, respectively. The event concluded with a genera...

South Korea Hockey Team Experiences National Anthem Mix-Up at Asian Games

South Korea Hockey Team Experiences National Anthem Mix-Up at Asian Games

South Korea Hockey Team Experiences National Anthem Mix-Up at Asian Games

SK Hynix's Solidigm unit is weighing NAND memory chip factory in US, sources say

SK Hynix's Solidigm unit is weighing NAND memory chip factory in US, sources say

By Hyunjoo Jin, Heekyong Yang and Karen Freifeld SEOUL/NEW YORK, Sept 18 (Reuters) - Chipmaker SK Hynix's subsidiary Solidigm is considering building a NAND flash memory chip factory in the US, with upstate New York emerging as a leading candidate, three people familiar with the matter told Reuters.

On This Day: Trump and Kim Jong Un Escalated a Nuclear Standoff in 2017

On This Day: Trump and Kim Jong Un Escalated a Nuclear Standoff in 2017

The year 2017 was marked by a significant escalation in tensions surrounding North Korea's nuclear and missile programs, drawing global attention a...

Seoul's Jongno 3-ga Named World's Coolest Neighborhood by Time Out

Seoul's Jongno 3-ga Named World's Coolest Neighborhood by Time Out

Seoul's Jongno 3-ga Named World's Coolest Neighborhood by Time Out

South Korea Updates Digital Nomad Visa Rules, Enhancing Appeal for Remote Professionals

South Korea Updates Digital Nomad Visa Rules, Enhancing Appeal for Remote Professionals

South Korea has updated its Digital Nomad Visa rules, officially known as the F-1-D Digital Nomad or Workation Visa, moving the scheme into formal operation after an initial pilot period. This visa is specifically designed for overseas business owners and employees affiliated with international companies who can work remotely. The Ministry of Justice has made adjustments to income requirements and the permitted period of stay to attract foreign visitors, remote professionals, and business travelers. Applicants must meet specific professional, income, insurance, and documentation requirements. The financial threshold for the visa is tied to more than twice the previous year’s Korean GNI per capita, meaning the income figure changes as national economic data is updated. This visa allows eligible remote professionals to live in South Korea and work for their overseas enterprises, offering a longer stay compared to short-term tourist options like the K-ETA.

Explainer-What commodity markets can expect from the Trump-Xi summit

Explainer-What commodity markets can expect from the Trump-Xi summit

By Lewis Jackson BEIJING, Sept 18 (Reuters) - Trade in agriculture, energy and rare earths has become major bargaining chips in the trade war between the United States and China and are likely to feature again when President Donald Trump hosts his counterpart Xi Jinping in Washington next week.

South Korea's Unification Education Faces Challenges Amid North Korea's Shifting Stance

South Korea's Unification Education Faces Challenges Amid North Korea's Shifting Stance

South Korea's Ministry of Unification is launching its first Peace Wind Week, an 11-day series of public events aimed at fostering peace on the Korean Peninsula. This initiative follows a shift in the government's roadmap for unification education, moving towards 'peace, unification, and democratic citizenship education.' The goal is to cultivate peace awareness and critical thinking among students regarding inter-Korean relations. However, this educational shift is occurring as North Korea is actively rewriting its constitutional language, removing phrases like 'unification of the fatherland' and 'independent, peaceful unification,' and instead describing South Korea as a separate state. This divergence in approach raises questions about the effectiveness of South Korea's unification education if it does not accurately reflect the current realities and North Korea's evolving position.