韩国央行-工人对工作便利设施的偏好及其对劳动力市场的影响（英）

1

No.2024-10

BOKISSUENOTE

April23,2024

WorkerPreferencesforJobAmenitiesandImplicationsfortheLaborMarket

SoominLee*·SamilOh**

①Recenttrendsindicateworkersincreasinglyvalueworkingconditions(jobamenities)ashighlyaswages.Thisshiftsuggeststhataconsiderablenumberofworkersinthelabormarketarewillingtoforgoaportionoftheirwagesforbetterworkingconditions.

②Inparticular,female,young,andhighly-educatedworkersaremoreoftenemployedinhigh-amenityjobs.Conversely,whileelderlyworkersshowastrongpreferenceforjobamenities,asmallerproportionofthemholdhigh-amenityjobs.Thisdiscrepancyisduelowereducationlevels,whichputelderlyworkersatadisadvantageinthelabormarketcompetition.

③Whenre-measuringincomeinequalitybyconvertingjobamenitiesintomonetaryvalue,inequalityincreases.Theincomequintileshareratiorisesfrom4.0to4.2,mainlybecausealargeproportionofhigh-incomeearnersareinhigh-amenityjobs.Meanwhile,theincomegapbetweenmenandwomennarrows,withwomen'sincomelevelscomparedtomenincreasingfrom70.5percentto73.6percent.Thisisbecausefemaleworkersaremorefrequentlyengagedinhigh-amenityjobsandplaceahighervalueonjobamenities.Thisfindingimpliesthatthegenderwagegapispartiallyexplainedbydifferencesinjobamenities.

④Astheshareofwomenandtheelderlyinthelaborforceisexpectedtograduallyincrease,workingconditionsarelikelytobecomeamoreimportantfactorinthejobselectionprocess.Giventhehighpreferenceforjobamenitiesamongthesegroups,laborshortagesinworkplaceswithalowjobamenityindexareexpectedtoworsen.Therefore,itisnecessarytodevisemeasurestoimproveworkingconditionsinthedomesticlabormarkettoattractmorewomenandelderlyworkerstoparticipate.

*LaborMarketResearchTeam,ResearchDepartment,BankofKorea

(alephs@bok.or.kr)

**LaborMarketResearchTeam,ResearchDepartment,BankofKorea

(samil.oh@bok.or.kr)

▪

Disclaimer:TheviewsexpressedhereinnecessarilyreflecttheviewsoftheBankpaper,theauthors’namesshouldalways

arethoseoftheauthors,anddonotofKorea.Whenreportingorcitingthisbeexplicitlystated.

2

I.Introduction

Whilewagesarethecornerstoneofcompensationinthelabormarket,variousotherformsofcompensationorbenefitsexist.Theseincludefringebenefitsthatareeasilyconvertibleintomonetaryvalue,suchaspaidleaves,healthinsurance,pensions,andseverancepay.Additionally,non-wagesatisfactions,or"jobamenities,"suchasflexibleworkarrangements,autonomy,andpersonaldevelopmentpotential,arealsosignificantbenefitsajobcanoffer.

Recenttrendsindicatethatworkersincreasinglyvalueworkingconditionsashighlyaswages.Asshownin<Figure1>,theproportionofpeoplewhoconsiderworkingconditionsthemainelementinchoosingajob(31.5percentin2023)hascontinuedtorise,alreadysurpassingthosewhoregardwagesasthedecidingfactor(26.8percent).Thissuggeststhatasignificantnumberofworkersarewillingtoforgoaportionoftheirwagesforbetterworkingconditions.Additionally,theusagerateofflexibleworkarrangements,whichsoaredafterthepandemic(from8.4percentin2018to16.8percentin2021),remainshighdespitetheendofsocialdistancing(see<Figure2>).

Understandingtheimpactofthisheightenedworkerpreferenceforjobamenitiesonlaborsupplyanddemandiscrucialforanticipatingchangesinthefuturelabormarket.Thispaperaimstoaddressthefollowingquestions:

■Whichjobshavehigherstandardofamenities?

■Whatistheimpactofthepreferenceforjobamenitiesonjobselection,jobsatisfaction,andincomeinequality?

<Figure1>MainConsiderationinJobSelection1)

(%)

35

31.5

JobAmenitiesWages

30

26.8

25

20

201820192020202120222023

Note:1)Jobamenitiesrefertoflexibilityinworkhoursandlocation,workplaceregion,etc.

Source:SupplementarysurveyresultsofEconomicallyActivePopulationSurveyonEconomicallyInactivePopulation.

<Figure2>UsageRateofFlexibleWorkArrangements1)

20

18

16

14

12

10

8

(%)

16.8

14.2

16.0

15.6

10.8

8.4

6

201820192020202120222023

Note:1)Flextime,remotework,etc.

Source:SupplementarysurveyresultsoftheEconomicallyActivePopulationSurveyonWageWorkers

3

II.LiteratureReview

Jobamenitiesarechallengingtoquantifyandvaryinpreferencedependingonindividualattributes.Despitethesechallenges,therehavebeeneffortstoconvertjobamenitiesintomonetaryvalues(willingnesstopay)andcalculatecompensatingdifferentialstoaccountfordifferencesinspecificjobamenitiesunderidenticalconditionsofworkers'individualattributesorjobconditions.However,unobservablecharacteristicsinemploymentdatahavemadeitdifficulttomeasurethevalueofjobamenitiesaccurately.

Recentstudieshavesoughttoestimatethemonetaryvalueofjobamenitiesbycontrollingforjobconditionsthroughstatedpreferencetechniques.Notably,Maestasetal.(2023)computedthemonetaryvalueofjobamenitiesusingthestatedpreferencemethodandsubsequentlyanalyzedchangesinincomeinequalityintheUnitedStates.Theirfindingsalsorevealedthatpreferencesforeachjobamenitydifferbygenderandage.Similarly,MasandPallais(2017)usedstatedpreferencetechniquestodemonstrateworkers'willingnesstobargainforflexibleworkarrangementsinexchangeforwagecuts.1

Theimpactofpreferencesforjobamenitiesonthelabormarkethasbecomeamajorresearchtopic.Forexample,buildingonthefindingsof

Maestasetal.(2023),Acemogluetal.(2022)identifiedage-friendlyjobswithrobustjobamenitiespreferredbytheelderly,showingthatjobsintheUnitedStatesarebecomingincreasinglyage-friendly.Meanwhile,Baggaetal.(2023)demonstratedthatthepreferenceforjobamenities,suchasremotework,increasedsignificantlyafterthepandemicandthatthischangeinpreferencewasthemostcrucialfactorinlaborreallocationintheUnitedStates.AdditionalstudiesincludeNeumarkandSong(2012),whofoundthatphysicallydemandingjobsleadtoearlierretirements,andSaragih(2011),whoprovedthatjobautonomypositivelyaffectsworkers'performanceandsatisfaction.Lastly,Barronetal.(1999)showedthatpersonaldevelopmentopportunitiesintheworkplaceleadtohigherfutureincome.

III.JobAmenityIndex

1.CalculationofJobAmenityIndex

ThispapercalculatesthejobamenityindexbasedonthemethodologyofAcemogluetal.(2022)andMuhlbach(2022)2.First,eightjobamenities3,suchasflexiblework,remotework,physicaldemands,paceofwork,autonomy,independence,personaldevelopmentpotential,andcareersatisfaction,areselectedbasedonMaestasetal.(2023)andAcemogluetal.(2022)(see<Table1>).Next,theattributesofjobsofferingahighstandardineachtypeofjob

1MasandPallais(2017)showedresultsshowingthatworkersarewillingtogiveup20percentofwagestoavoidaworkplacewheretheworkscheduleissetbytheemployer.

2Referto<Box1>“CalculationofJobAmenityIndexUsingNaturalLanguageProcessing(NLP).”

3Fordetaileddefinitionofeachjobamenity,referto<Box2>“DefinitionofEachJobAmenity.”

4

amenityaredefined.Forexample,attributesrelatedtoremoteworkaredefinedasnotworkingoutdoorsorinfrontofmanypeople,andnotusinglargemechanicalequipmentorprotectiveequipment4.Then,thesimilaritybetweenthedefinitionofeachjobamenityandoccupationalinformation(tasks,workactivities,workcontext,workstyles,etc.)providedbytheU.S.OccupationalInformationNetwork(O*NET)isquantifiedusingS-BERT,anaturallanguageprocessingmodel.Finally,theindexcalculatedbasedontheStandardOccupationalClassificationbyO*NET(O*NET-SOC)isconvertedtotheKoreanStandardClassificationofOccupations5tocalculatethejobamenityindexforeachoccupationinSouthKorea.

<Table1>OccupationalInformationandJobAmenities

Occupationalinformation

Jobamenities

■Descriptions

■Tasks

■Abilities,skills,

knowledge,interests

■Workactivities,workcontext,workstyles,workvalues

■Flexiblework

■Remotework

■Physicaldemands

■Paceofwork

■Autonomy

■Independence

■Personal

developmentpotential

■Careersatisfaction

<Figure3>ProcessofJobAmenityIndexCalculation

NaturalLanguage

Processing(S-BERT)

Asaresult,thejobamenityindexbyoccupationindicateshowcloselythetasksandattributesofajobalignwiththedefinitionofeachjobamenity.Forexample,jobswithahigherjobamenityindexaremorelikelytoadoptflexibleworkarrangementsandnotrequiremuchmanuallabor.Suchjobsarealsolikelytobeevaluatedasprovidinghigherworkautonomyandpersonaldevelopmentpotential.Meanwhile,thejobamenityindex,calculatedusingnaturallanguageprocessing,wascomparedwiththeresultsofthesurveyonworkingconditionsforeachoccupationbytheKoreanLaborandIncomePanelStudyinordertoverifywhetherthejobamenityindexmatchesthesubjectiveassessmentofworkers

Occupational

Information

(O*NET)

Job

amenity

Index

DefinitionofJobamenity

4ThedefinitionofeachjobamenitywascompiledinreferencetoAcemogluetal.(2022)andDingelandNeiman(2020).

5TheStandardOccupationalClassificationbytheU.S.OccupationalInformationNetwork(O*NET-SOC)wasconvertedtotheInternationalStandardClassificationofOccupations(ISCO),whichwasthenconvertedtotheKoreanStandardClassificationofOccupations(KSCO).Inthecaseofa1:Nmatch,theaverageswereweightedusingthenumberofworkersbyoccupationintheUnitedStatesfromtheOccupationalEmploymentandWageStatistics(OEWS)andthenumberofworkersbyoccupationinKoreafromtheKoreanLaborandIncomePanelStudy.

5

actuallyengagedinthejob.Accordingly,itwasconfirmedthatjobswithahigheramenityindexhavebetterworkingconditionsandhighersubjectivesatisfactionrelatedtoautonomy,personaldevelopmentpotential,andcareersatisfaction6.

2.JobAmenityIndexbyOccupation

andIndustry

Jobswiththehighestjobamenityindexwereidentifiedaslegalandauditclerks,product

planning,promotionandresearchexperts,otherprofessionalservicemanagers,legalprofessionals,anddesigners7(see<Table2>).Thesejobsrequirelessmanuallaborandallowflexibleworkandremotework.Also,workersinthesejobshaveopportunitiestodeveloptheiroccupationalcapacitybasedonahighlevelofexpertise.Whereasjobswiththelowestamenityindexinvolvemanuallaborandarecharacterizedbysimple,repetitive,high-intensitytasks8.

<Table2>OccupationswithHighestandLowestJobAmenityIndex1)

Top10occupations

Bottom10occupations

Legalandauditclerks

Constructionandminingrelatedelementaryworkers

Productplanning,promotionandresearchexperts

Freight-handlingequipmentoperators

Otherprofessionalservicesmanagers

Machineryequipmentfittersandmechanics

Legalprofessionals

Textileandfootwear-relatedmachineryoperatorsandassemblers

Designers

Constructionandminingmachineryoperators

Othereducationalprofessionals

Pipeandsheetmetalmakers

Writers,journalists,andrelatedprofessionals

Loadingandliftingelementaryworkers

Collegeprofessorsandinstructors

Coolingandheatingrelatedequipmentoperators

Legislators,seniorgovernmentofficialsandseniorofficialsofpublicorganization

Foodprocessingrelatedmachineoperators

Religiousactivitiesrelatedworkers

Othermachineoperators

Note:1)Basedonsub-classificationoftheKoreanStandardClassificationofOccupations(153).

Source:Authors’calculations.

6Formoredetails,referto<Box3>“VerificationofJobAmenityIndex.”

7Thesubsequentanalysiswaspreparedbasedondatafromthe2022KoreanLaborandIncomePanelStudy.

8Byjobclassification,thejobamenityindexwashighforexpertsandrelatedworkers,officeworkersandmanagers,followedbysalesandserviceworkers.Ontheotherhand,thejobamenityindexwaslowforsimplelaborworkers,machineoperationandassemblyworkers,craftworkers,andskilledagricultural,forestryandfisheryworkers.

6

Byindustry,manyoccupationsininformationandcommunications,financialservicesandinsurance,education,andscienceandtechnologywerefoundtohaveahighjobamenityindex(see<Figure4>).Inparticular,educationwasclassifiedasanindustrywithahighjobamenityindex,eventhoughitsaveragewageisrelativelylow.Meanwhile,despitetherelativelyhighincome,manufacturingandconstructionindustrieswereshowntohaveabelow-averagejobamenityindexduetotheworkattributes.

<Figure4>JobAmenityIndexbyIndustry

Sources:KoreanLaborandIncomePanelStudy,authors’calculations.

IV.WhoWorksinOccupations

withHigherJobAmenities?

1.JobAmenityIndexbyIndividual

Attributes

Bygenderandage,thedataindicatethatwomenandyoungerworkerstendtooccupypositionswithahigherjobamenityindex(see<Figure5>and<Figure6>).Thismaybeattributedtothetrendinwhichwomenoftenseekjobsthatarelessphysicallydemandingandofferflexibleworkarrangements9.

AccordingtoWiswallandZafar(2018),whoanalyzedAmericancollegestudents,womenaremorelikelythanmentoconsiderworkplaceamenitiesasimportantaswageswhenselectinganoccupation.Furthermore,workersintheir20sto40stendtoholdjobswithahigherjobamenityindex,whereastheindexsignificantlydecreasesforthoseaged50orolder.

<Figure5>JobAmenityIndexbyGender

MenWomen

Source:KoreanLaborandIncomePanelStudy,authors’calculations

0.624

0.623

0.622

0.621

0.620

0.619

9Thisresultmayreflectbothwomen'spreferencesandlabordemandfactors,asitischallengingforwomentosecureemploymentinhigh-wagejobswithpoorworkingconditions,suchasthoseinmanufacturingproductionandconstruction.

7

<Figure6>JobAmenityIndexbyAge

0.626

0.624

0.622

0.620

0.618

0.616

0.614

20s30s40s50s60sor

older

Sources:KoreanLaborandIncomePanelStudy,authors’calculations.

Whenanalyzedbyeducationandincomelevels,highly-educatedandhigh-incomeworkerstendtoholdjobswithahigherjobamenityindex(see<Figure7>and<Figure8>).Thisispresumablybecausetheseworkerstendtoseekcognitiverolesthatrequirelessphysicalexertionorprofessionalpositionsthatoffergrowthopportunities.Meanwhile,asshownin<Figure9>,thereisapositivecorrelationbetweenhourlywagesandjobamenities,thoughitisnotparticularlystrong(R-squared0.14).

<Figure7>JobAmenityIndexbyEducationLevel

0.6290.6270.6250.6230.6210.6190.6170.615

Graduatedegree

Associate

degreeor

lower

Bachelor'sdegree

<Figure8>JobAmenityIndexbyIncomeLevel1)

02040608010

Wagepercentile

Note:1)Locallyweightedsmoothingregression(bandwidth0.1).

Sources:KoreanLaborandIncomePanelStudy,authors’calculations.

<Figure9>JobAmenityIndexandHourlywagebyOccupation1)

(10,000won)

R^2

=0.14

0.600.610.620.630.640.65

Jobamenityindex

Note:1)Thedottedlinerepresentsthetrendline.

Source:KoreanLaborandIncomePanelStudy,authors’calculations

Hourlywage

0.630

0.625

0.620

0.615

0.610

5.5

4.5

3.5

2.5

1.5

0.5

Sources:KoreanLaborandIncomePanelStudy,authors’calculations

8

2.WhoWorksinOccupationswith

HigherJobAmenities?

Thefollowingregressionequation,basedonAcemogluetal.(2022),isestimatedtorigorouslyexaminetheimpactofjobamenitiesonjobselectionbyindividualattributes.Thedependentvariable(J;)representstheproportionoffemale,elderly,andhighly-educatedworkersbyoccupation.Theexplanatoryvariablesincludethejobamenityindexbyoccupation(),hourlywagebyoccupation(wngc;),andothercontrolvariablessuchasindustryfactors,regionalfactors10,etc.Occupationalsubcategoriesaredenotedbyi.

holdjobswithlowerwagesbuthigheramenities,whereashighlyeducatedworkerstendtooccupypositionswithbothhigherwagesandamenities.Furthermore,whencontrollingforeducationlevel,therewasnostatisticallysignificantcorrelationbetweenjobamenitiesandage.Thisindicatesthatthelowjobamenityindexamongolderworkerscanbeattributedtotheirlowereducationlevelcomparedtotheiryoungercounterparts(see<Figure6>)1112.

Theestimationresultsindicatethat,asthejobamenityindexincreases,theproportionofwomenandhighly-educatedworkersrisessignificantly.Conversely,higherhourlywagesareassociatedwithadecreaseintheproportionoffemaleworkersandanincreaseintheproportionofhighly-educatedworkers.Thissuggeststhatwomenaremorelikelyto

10Theworkplaceregioncanbeamajorfactorinevaluatingjobamenities.Forexample,jobsinlargecitieswithdiverseinfrastructurestendtoprovidemoreamenitiescomparedtothoseinotherregions.However,sincetheregionisnotanintrinsiccharacteristicoftheoccupationitself,itwasnotincludedinthecalculationofthejobamenityindexbutratherwasconsideredacontrolvariableintheregressionanalysis.

11Theproportionofemployedindividualswithabachelor’sdegreeorhigherbyagegroupin2022isasfollows:51.2percentforthoseintheir20s,58.3percentfor30s,47.8percentfor40s,32.4percentfor50s,13.8percentfor60sorolder.

12Acemogluetal.(2022)suggestedseveralreasonswhyolderworkers,particularlyless-educatedmaleworkers,donotholdjobswithhigheramenities.Thesereasonsincludecompetitionwithhighly-educatedfemaleworkers,olderworkers'preferenceforremainingattheircurrentworkplaces,andemployers'preferenceformoreproductiveworkers,suchasyoungerandmorehighly-educatedindividuals.

9

<Table3>ImpactofJobAmenitiesontheProportionofFemale,Elderly,andHighly-EducatedWorkers1)

Proportionoffemale

workers

Proportionofelderly

workers2)

Proportionofworkerswithbachelor’sdegreeorhigher

(1)

(2)

(3)

(1)

(2)

(3)

(1)

(2)

(3)

JAI

8.33***

16.50***

8.07**

-7.70***

-0.61

-0.44

21.49***

15.65***

14.64***

Proportionoffemaleworkers

-0.03

0.04

-0.09

0.00

Proportionofelderlyworkers

-0.03

0.04

-0.30***

-0.35***

Proportionofworkerswith

bachelor'sdegreeorhigher

-0.13

0.01

-0.38***

-0.46***

Hourlyage

-0.19***

-0.21***

0.05

0.10**

0.15***

0.20***

Industryfactors3)

V

V

V

Regionalfactors4)

V

V

V

Notes:1)*p<0.10,**p<0.05,***p<0.01.

2)Workersaged55orolder.

3)Proportionofindustry(majorcategory)byoccupation.

4)Proportionofregion(18cities/provinces)byoccupation.Sources:KoreanLaborandIncomePanelStudy,authors’calculations.

Ⅴ.WhoHasHigherSatisfactionwithJobAmenities?

Thefollowingregressionequation(weightedlogisticregression)wasestimatedtoexaminetheimpactofjobamenitiesonvoluntary

employmentandjobsatisfaction.Thedependentvariable()representseithervoluntaryemployment13orjobsatisfaction.Theexplanatoryvariablesincludethejobamenityindexbyoccupation(az;),individualhourly

wage(),anddummyvariables()for

13Reasonsforvoluntaryemploymentincludesatisfactionwithworkingconditions,jobstability,andflexibleworkarrangements.Reasonsforinvoluntaryemploymentincludetheneedforlivingexpenses,thelackofjobsindesiredfields,andtheunavailabilityofjobsthatmatchone'smajororexperience.

10

individualattributes(female,elderly,highly-educated)andforthemetropolitanarea(SeoulandGyeonggi)14.Individualworkersaredenotedbyi,andoccupationalsubcategoriesbyj.

Theestimationresultsindicatethatnotonlywagesbutalsojobamenitieshaveasignificantimpactonvoluntaryemployment.Thelikelihoodofvoluntaryemploymentis6.8percentagepointshigherinthegroupwiththehighestjobamenityindex(quintile5)comparedtothegroupwiththelowestjobamenityindex(quintile1)15.Thecorrelationbetweenjobamenitiesandvoluntaryemploymentisparticularlysignificantforwomen.Additionally,workersinthemetropolitanareaaremorelikelytoengageinvoluntaryemploymentcomparedtothoseinotherregions.Thiscanbeexplainedbythepositiveinfluenceofthemetropolitanarea’sinfrastructureonjobselection.

Furthermore,bothwagesandjobamenitieswerefoundtoplayacrucialroleinjobsatisfaction.Workers’jobsatisfactionis14.9percentagepointshigherinthegroupwiththehighestjobamenityindex(quintile5)comparedtothegroupwiththelowestjobamenityindex(quintile1).Thiseffectisparticularlypronouncedamongwomen,olderworkers,andhighly-educatedworkers,whoreporthigherjob

satisfactionfromjobamenitiescomparedtotheirmale,younger,andless-educatedcounterparts.Overall,jobamenitiesimpactwomensignificantlyintermsofbothvoluntaryemploymentandjobsatisfaction.Meanwhile,whencontrollingforwagesandjobamenities,jobsatisfactionamongmetropolitanareaworkersisestimatedtobelower,likelyduetohigherlivingcostsandhousingexpensesintheseareas.

<Table4>ImpactofJobAmenitieson

VoluntaryEmploymentandJobSatisfaction

Voluntary

employment1)2)

Job

satisfaction

1)2)3)

JAI

0.243***

0.532***

JAI*Female

0.007**

0.011**

JAI*Elderly

0.001

0.014**

JAI*Bachelor'sdegreeorhigher

-0.004

0.020***

Hourlywage

0.498***

1.525***

Hourlywage*Female

-0.232

-0.216

Hourlywage*Elderly

-0.103

-0.349

Hourlywage*

Bachelor's

0.198

-0.164

degreeorhigher

Metropolitan

area

(Seoul/Gyeonggi)

15.09***

-8.57***

14LimitingthemetropolitanareatoSeouldoesnotsignificantlychangetheresults.

15Thedifferenceinjobamenitiesbetweenthequintile1andquintile5is0.028.

11

Notes:1)Coefficientsfromthelogisticmodelestimateswereconvertedtomarginaleffects.Jobamenitywas0.001,andtheimpactofhourlywagewasmeasuredper1,000wonincrease,withunitsinpercentagepoints(%p).

2)*p<0.10,**p<0.05,***p<0.01.

3)Satisfactionwasmeasuredona5-pointscalewithascoreof4orhigherconsideredhigh.

Sources:KoreanLaborandIncomePanelStudy,authors’calculations.

Ⅵ.IncomeInequality

Byconvertingworkplaceamenitiesintomonetaryvalue,incomeinequalitycanberemeasuredtoincorporateamenitiesasafactor.Forexample,Maestasetal.(2023)estimatedworkers’willingnesstopayforindividualjobamenitiesthroughastatedpreferencesurvey16.Theyfoundthatthevalueassignedtojobamenitiesvariesbyindividualattributesandthatincomeinequalityworsenswhentakingtheseamenitiesintoaccount.Inthispaper,incomeinequalityinSouthKoreawasestimatedbyincorporatingjobamenities17basedonthefindingsofMaestasetal.(2023)18.

Theestimationresultsindicatethat,whenjobamenitiesarefactoredin,incomeinequalityamongKoreanwageworkersworsens(see<Figure10>and<Table5>).Specifically,thehourlywageforthelowestincomequintileincreasesby33.3percent,whileforthehighestincomequintileitrisesby42.9percent.Consequently,theincomeratioofthehighestquintileincreasesfrom4.0to4.2,anincreaseof0.2percentagepoints.Thisisprimarilybecausehigh-income,highly-educatedworkersare

16Referto<Box4>"MonetaryValuesofJobAmenities."

17ThispaperusedsurveyresultsfromtheKoreanLaborandIncomePanelStudyonindividualworkingconditionsandsubjectivesatisfactiontoassessfactorssuchasflexibleworkarrangements,workpace,potentialforadvancement,andsocialfulfillment.However,forfactorslikephysicaldemands,workindependence,andworkautonomy,whichcannotbeverifiedbytheKoreanLaborandIncomePanelStudydata,thesubcomponentsofthejobamenityindexbyoccupationwereutilized.

18ThemonetaryvaluesofjobamenitiesinthesurveybyMaestasetal.(2023)arebasedonfindingsfromAmericanworkers.ThesefindingswereutilizedduetothelackofdatafromKoreanworkers,althoughtheactualvaluesmaydifferbetweenthetwogroups.

12

morelikelytobeemployedinjobswithhigherjobamenities,asexaminedabove.

<Figure10>HourlyWagesWhenFactoringinJobAmenities(byincomelevel)1)

6

5

4

3

2

1

0

(10,000won/hour)

Hourlywage

Factoringinjobamenities

5.0

3.5

2.8

2.1

1.6

2.0

1.20.9

1.5

1.2

Quintile1Quintile2Quintile3Quintile4Quintile5

Note:1)Basedon2022data.

Source:KoreanLaborandIncomePanelStudy,authors’calculations.

<Table5>ChangesinIncomeInequality1)

Incomequintileshareratio2)(times)

Hourlywage

Factoringinjobamenities

Change

4.0

4.2

+0.2

Notes:1)Basedon2022data.

2)Incomeratioofthetop20percenttothebottom20percent.

Sources:KoreanLaborandIncomePanelStudy,authors’calculations.

Ontheotherhand,thewagegapbetweenmenandwomenwasfoundtonarrowinstead.Specifically,whenjobamenitiesarefactoredin,thehourlywageformenincreasesby38.8percent,whileforwomenitrisesby44.8percent(see<Figure11>).Asaresult,theincomelevelofwomencomparedtomenincreasesfrom70.5percentto73.6percent

afterincorporatingjobamenities,anincreaseof3.1percentagepoints(see<Table6>).Thisisattributabletowomennotonlyworking