Estimated by the Korea CXO Institute, a corporate analysis specialist
Do you know how much the average annual salary is at Samsung Electronics?
The estimated average annual salary of Samsung Electronics employees for the last year (2023) has been revealed.
According to Yonhap News, the average annual salary of Samsung Electronics employees last year was around 120 million won ($89,800), which is about 10% less than the previous year (2022).
According to a report, the Korea CXO Institute, which specializes in corporate analysis, announced on the 5th that this estimated figure is based on the separate audit report submitted last month for the average annual salary per Samsung Electronics employee.
The Korea CXO Institute explained that the scope of employees includes non-registered executives and general employees at the department head level and below, excluding registered executives.
The Korea CXO Institute revealed that the total labor costs (salary and retirement pay) of Samsung Electronics in 2023, which was identified through the audit report, was 14.6778 trillion won ($10.9 billion).
Based on this, they announced that the total amount of employee salaries to be disclosed in the business report soon is expected to be between 14.38 trillion won ($10.7 billion) and 14.75 trillion won ($11 billion) as the result of the inverse calculation.
The total number of Samsung Electronics employees needed to calculate the average salary was estimated to be between 120,700 and 121,900 based on the semi-annual report last year.
Based on this, the Korea CXO Institute analyzed that the average annual salary per Samsung Electronics employee last year would be around 116 million won ($86,800) at the least and 120 million won ($89,793) at the most.
The salary of 120 million won ($89,793) is about 15 million won ($11,224, 11.1%) less than the average compensation of 135 million won ($101,017) paid in 2022. This is similar to the level in 2018 (119 million won or about $89,045), which was five years ago.
The Korea CXO Institute explained that Samsung Electronics employees have a salary structure that can vary greatly depending on the proportion of performance pay rather than a monthly salary, which ultimately means that the performance pay has relatively decreased.
The head of the Korea CXO Institute, Oh Il Sun, said, “Despite the poor business performance last year, Samsung Electronics’ labor cost burden has increased. This year, there is a high possibility that the speed of employment increase will be somewhat slower in terms of management efficiency, and efforts to reduce the labor cost ratio are also expected to be made simultaneously.”
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