■ The Betrayal of Jajangmyeon, the Downfall of the Common People
Even the price of jajangmyeon, once a barometer of the cost of living for ordinary people, has surpassed 6,000 won on average. Last year, the consumer price index rose 5.1%, the highest level in 24 years since the IMF foreign exchange crisis.

The high prices triggered by the pandemic and the Russo-Ukrainian War are harsher on ordinary people. As consumers' wallets tighten, the prices of some agricultural and marine products plummet, paradoxically forcing farmers and fishermen to abandon production. Even street vendors, the last bastion of self-employment, are becoming rare amid soaring prices.

Weak links throughout society are crumbling under inflation. How severe will the impact of this era of high prices be, expected to persist into 2023?

■ More Work is Needed to Survive
In Pyeongtaek Godeok New Town, dubbed the "new economic hub," semiconductor factories. Here, over 60,000 daily construction workers begin their day before dawn. People from all walks of life, including the self-employed and public servants, flock to this area because of the fewer restrictions on working hours and the opportunity to work longer hours.
Mr. Lim Sang-jin (45), a self-employed man from Haenam, South Jeolla Province, is one of them. He arrives at work every day at 4 a.m. and works until 8 p.m., a total of 16 hours, achieving a full attendance record for a month straight. As his schedule fills up, he has less time with his two young children, but he believes this too shall pass, and he heads to work early in the morning.
Mr. A, who is struggling to make ends meet with his main job, earns extra income by standing in line for luxury goods purchases, a so-called "open run." Recently, the job market has boomed, with many people seeking to take advantage of their spare time to pursue side jobs. After spending an entire night shivering in the cold outside a department store from midnight until dawn, Mr. A earned about 100,000 won. He says he is grateful for the opportunity to do something even with his sore hands. According to a survey by the Federation of Korean Industries, the number of households with side jobs has risen by 41% in five years, reaching a record high. With soaring inflation and real wages declining for seven consecutive months, these individuals are finding it difficult to make ends meet with the same income, forcing them to seek out alternative jobs to work longer and longer. Being a "N-jobber" is no longer a new culture; it's an inevitable reality, a matter of survival.

■ The "real crisis" has yet to arrive.
An engine manufacturer in Gyeonggi Province has been classified as a marginalized company, with sales plummeting by approximately 25% since the pandemic. They reduced their workforce from 24 to 15 and relied on government-backed loans to survive. However, with rising interest rates and the loan maturity approaching, their future is uncertain.

A heavy industry company in Gimhae, boasting 27 years of business and KRW 3.2 billion in sales, declared bankruptcy in September of last year after failing to repay its corporate loan. All of the employees who were suddenly laid off had worked at the company for well over a decade. Most were in their late 50s or 60s. Fathers, who struggle to find new jobs, were forced out onto the streets without receiving their overdue wages or severance pay.

Amid growing anxiety about an economic downturn, some economic experts say the "real crisis" has yet to begin. According to the Korea Financial Investment Association, the amount of corporate bonds maturing in the first half of next year alone exceeds 53 trillion won. The moment "marginal companies" that have survived the past two years of the pandemic with low-interest loans face a wave of bankruptcies, a full-blown employment crisis is expected to begin.

※ This video is from [Current Affairs Direct - The Prelude to a Recession: Everyone Becomes Poor], which aired on January 6, 2023.

#Survival #Prices #HighPrices

This is the official KBS documentary channel. We will deliver documentaries that connect with the world.

Copyright ⓒ KBS. All rights reserved. Unauthorized reproduction, redistribution, and use (including AI training) are prohibited.
📝 kbsdoculife@gmail.com
📞 02-781-1000
✔KBS Documentary | KBS Official YouTube Channel

Copyright ⓒ KBS. All rights reserved. Unauthorized reproduction, redistribution, and use (including AI training) are prohibited.
📝 kbsdoculife@gmail.com
📞 +82-2-781-1000
🏢 Seoul, Republic of Korea (South Korea)

∙The current situation and content may differ slightly depending on the broadcast time.
∙Defamatory or malicious comments may be deleted by the operator to protect the cast.