Household income up 2.4% in Q1 on wage hike, more pensioners

Korea's average household income rose 2.4 percent from a year earlier in the first quarter, driven by an increase in wages and a rise in the number of pensioners, government data showed Thursday. The average monthly income of households came to 5.48 million won ($3,649) in the January-March period, according to data from the Ministry of Data and Statistics. Considering inflation, the household income rose 0.4 percent on-year in the first quarter. Income earned through wages edged up 0.3 percent in the cited period to an average of 3.42 million won per month, due mainly to a rise in salaries among employees. The average monthly income from business operations came to 925,000 won, up 2.6 percent from a year earlier. Transfer income jumped 9.7 percent to 964,000 won, following a rise in the number of beneficiaries under the National Pension Service, which totaled 7.59 million in January, up 7 percent from a year earlier. Monthly household spending grew 4.2 percent to 4.24 million won amid rising consumer prices in the wake of the Middle East war. Of the expenditures, consumption spending, whic

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