Monday, January 27, 2014

South Korea has a huge income disparity between rich and poor

South Korea is essentially divided between members of the upper class who are involved with the chaebol and are politically well-connected, and the rest who earn relatively low incomes and operate small businesses, largely in the service sector.

A larger problem is the huge income disparity in South Korea.

 According to the Organization for Economic Cooperation and Development, 45 percent of old people live in poverty, three times the average of wealthy nations, and the social safety net is one of the weakest. The chaebol are widely blamed for doing very little for the underclass.