Wage Gap Widens Amid Performance Bonus Season Worker wages increased in the first quarter of this year, driven by expanded performance bonuses among large exporting companies. However, the improvement in real wages, adjusted for inflation, was limited. In March, the wage gap between businesses of different sizes exceeded 2.7 million won, indicating a growing polarization in the labor market.According to the 'April 2026 Business Labor Force Survey Results' released by the Ministry of Employment and Labor on May 28, the average nominal wage f May 28, 2026

Income Growth Fails to Keep Pace with Consumer Spending in Q1 In the first quarter of this year, household consumption showed signs of recovery, but income growth lagged behind, leaving many low-income families feeling significant financial strain. Notably, the trend of 'deficit spending' is deepening among lower-income households, where expenditures exceed income. According to the National Data Agency's "2026 Q1 Household Trend Survey" released on May 28, the average monthly income per household reached 5.481 million won, a 2.4% increase compared t May 28, 2026

Bank of Korea Governor Shin Hyun-sung Calls for Interest Rate Increase Bank of Korea Governor Shin Hyun-sung stated on May 28 that raising the benchmark interest rate in the future would provide an opportunity to manage various economic factors consistently. During a press conference following the monetary policy committee's decision to maintain the interest rate at 2.50%, Governor Shin noted, "Inflation has directly impacted consumer prices, and growth showed positive numbers in the first quarter. The exchange rate is leaning towards weakness, and issues re May 28, 2026

Ruling Party Calls for Thorough Investigation into Seoul Bridge Collapse Jung Cheong-rae, chairman of the Democratic Party, emphasized the need for a thorough investigation into the recent collapse of the Seosomun overpass and the missing rebar in the GTX-A line section at Samseong Station. "We must ensure that such incidents do not happen again by implementing effective preventive measures," he stated. On the morning of May 28, Jung convened an emergency forum with members of the Democratic Party's Land, Infrastructure and Transport Committee and the Administ May 28, 2026

South Korea to Release 12 Million Barrels of Strategic Oil Reserves With about ten days remaining until the deadline for releasing strategic oil reserves under the International Energy Agency (IEA) joint resolution, the South Korean government has decided to lower the mandatory private stockpile days. This decision comes as refiners accelerate the import of alternative crude oil, and approximately 15 million barrels of strategic oil swap are already circulating in the market, leading to the conclusion that government releases would be less effective. Yang G May 28, 2026

Government Calls for Enhanced Safety Management at Power Plants Government officials have convened power generation companies to address recent serious accidents at power plants and to strengthen safety management across all operational phases. They emphasized the need for power companies to establish a responsible safety management system not only during operation but also during maintenance and decommissioning stages.On May 28, the Ministry of Employment and Labor held a meeting at the Government Sejong Center, led by Ryu Hyun-cheol, head of the Occupation May 28, 2026

Yoon Suk Yeol Acquitted of Perjury in Han Duck-soo Trial Yoon Suk Yeol, the former president, was acquitted of perjury charges related to his testimony in the trial of former Prime Minister Han Duck-soo concerning the declaration of martial law on December 3. On May 28, the Seoul Central District Court's Criminal Division 32, presided over by Judge Ryu Kyung-jin, ruled Yoon not guilty of perjury and dismissed the request for compensation related to the case. The court also provided guidance on the criminal compensation process for Yoon followi May 28, 2026

Bank of Korea Governor Shin Hyun-sung: Strong Semiconductor Market to Boost Growth by 0.7% Bank of Korea Governor Shin Hyun-sung stated on May 28 that a stronger-than-expected semiconductor market and the resulting increase in exports will raise the country's growth rate by 0.7 percentage points. Following a monetary policy committee meeting where the base rate was held steady at 2.50%, Shin held a press conference and noted that while the ongoing conflict in the Middle East is expected to lower growth by 0.4 percentage points, government fiscal measures and a booming stock ma May 28, 2026

Lee Sun-ho, CEO of Shinhan Investment Corp., Rebuilding Trust in Finance Lee Sun-ho's leadership at Shinhan Investment Corp. begins with restoring trust rather than focusing solely on growth. He has taken on the role of rebuilding the organization, which was shaken by a major financial incident and internal control controversies. Since his appointment, he has emphasized that 'internal control is not just an obligation but a part of the organizational culture.' At the same time, he is pursuing new growth strategies, including the issuance of notes, digital assets, and May 28, 2026

Ruling Party Expected to Win Local Elections with 57.1% Support A recent poll indicates that the ruling Democratic Party is expected to win the upcoming local elections. On May 28, the Korea Social Opinion Institute (KSOI) released results from a survey conducted from May 26 to 27, which showed that 57.1% of respondents anticipate a victory for the ruling party. In contrast, only 22.1% expect the opposition party to win, marking a 35 percentage point gap between the two. By age group, 66.7% of respondents in their 50s and 66% in their 60s predict May 28, 2026