S. Korea wage deficit hits record high

INTRO:

South Korea has seen the largest wage and income account deficit, renewing the all-time high registered in 2011.

South Korea's wage and income account deficit hit a record high last year.

It was the fourth consecutive year of wage and income account shortfalls since 2009.

The main reason is that local companies paid more for foreign workers than income brought in by Koreans working overseas.

The data were released on Sunday by the Bank of Korea.

The bank says foreign workers' income in South Korea climbed to around 1.15 billion U.S. dollars last year.

And income earned by Korean workers abroad shrank to about 647 million dollars.

Wage and income account shortfalls went up to 501.8 million dollars.

The bank officials say the number of South Korean people working abroad declined, and their wage got worse.

However, more foreigners are staying in South Korea, and their payment has been rising steadily.

Statistics showed that foreigners in the country in 2011 more than doubled from 2002.