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Income disparity deepens

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11.05.2021
The poor bear brunt of COVID-19 pandemic

Low-income earners suffered the most from the economic fallout from the COVID-19 pandemic, according to a report released Monday by the Bank of Korea (BOK). The central bank's report noted that people in the bottom 20 percent of the income ladder saw their earnings tumble 17.1 percent year-on-year during the nine months from April 2020 when the country began to feel the virus shock.

Their loss was far higher than the 1.5 percent fall experience by those in the top 20 percent income bracket. Those in the second and fourth quintile groups recorded income declines of 5.6 percent and 2.7 percent, respectively, while the median 20 percent saw a 3.3 percent drop. The average........

© The Korea Times


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