By Kim Han-joo
SEOUL, Feb. 27 (Yonhap) — South Korea's household income rose for the sixth straight quarter in the fourth quarter of 2024, driven by income from higher wages, government data showed Thursday.
The average income of households rose 3.8 percent on-year to 5.22 million won (US$3,638) per month in the October-December period of last year, according to the data from Statistics Korea.
The data showed that household income has maintained an upward trend for sixth consecutive quarters. But the rate of growth in the fourth quarter slightly decelerated from the 4.4 percent gain observed in the July-September period.
This Sept. 11, 2024, file photo shows job seekers checking job postings at an employment center in Seoul. (Yonhap)
Income earned through wages went up 2.3 percent on-year in the cited period to an average of 3.24 million won per month.
The monthly average income from business operations increased 5.5 percent on-year to 1.09 million won, and transfer income backed by state support gained 5.6 percent on-year to 709,000 won.
The agency said income earned through wages, along with a rise in business and transfer income, has contributed to the overall increase in household income.
The real household income, adjusted for inflation, climbed 3.6 percent in the fourth quarter on a yearly basis, slightly up from 2.3 percent on-year growth in the previous quarter.
Monthly household spending climbed 2.5 percent on-year to 2.9 million won in the fourth quarter, as people spent more on housing, food and entertainment.
For the whole year of 2024, average household spending went up 3.5 percent on-year to 2.89 million won per month.
khj@yna.co.kr
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