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Video Description

Type: KIHASA RESEARCH ON

Topic: Let's Learn about the Concept of Social Wage

Based on the KIHASA research report: A Study on the Development of Indicators for Social Trends Monitoring (by Ham Young-jin) 

https://repository.kihasa.re.kr/handle/201002/47546

Transcript:

Have you ever heard of the term “social wage”?

The social wage refers to the various benefits and services provided by the state in the form of social welfare to support the reproduction of labor power. This term is often contrasted with the market wage, which is the direct compensation received for labor.

Examples of the social wage include public education, health insurance and various cash benefits. These are called ‘wages’ in a social sense because, like salaries, they help sustain our everyday lives.

There are several ways to measure the social wage. The amount per person can vary greatly depending on whether it is calculated for wage workers only or for all citizens, and whether it includes just cash transfers such as child benefits or also the value of services such as education and healthcare.

Why measure the social wage? It allows us to assess the real impact of social policies, identify gaps in welfare coverage, and reveal policy imbalances. Moreover, when combined with the market wage, it gives us a fuller picture of our overall economic well-being.

So, how much is Korea’s social wage? For more details, check out the full research monograph from KIHASA!