Bonuses, Overtime, and Employment: Korea vs. Japan
This paper exanined the bonus and wage behavior in Korea.
We found that both bonuses and wages in Korea respond to economic
conditions much more than their counterparts in Japan. This
finding may reflect the fact that the Korean labor market is much
closer to a spot market rather than a long-term contract
(lifetime employment) market. Hence the bonus/wage ratio is
apparently insensitive to economic conditions in Korea, unlike in
Japan (Freemand and Weitzinan). When "overtime" component of the
wage is separately examined, it responds to economic conditions
less than bonuses but more than base wages.
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