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Does Learning Matter for Wages in Korea? International Comparison of Wage Returns to Adult Education and Training

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  • Park, Yoonsoo

Abstract

This study compares the wage equation in Korea to those in other countries, focusing on the wage returns to adult education and training (AET) participation. It is found that the wage compensation structure in Korea is associated mainly with job characteristics such as tenure and workplace size rather than with worker characteristics such as AET participation and cognitive abilities. It is also found that Korea's AET participation is skewed toward non-job-related AET, relative to the situations in other countries. These findings imply that the link between a worker's productivity and wage shou ld be strengthened in order to incentivize workers to invest in AET relevant to the labor market.

Suggested Citation

  • Park, Yoonsoo, 2022. "Does Learning Matter for Wages in Korea? International Comparison of Wage Returns to Adult Education and Training," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 44(2), pages 29-44.
    • Handle: RePEc:zbw:kdijep:261165
    DOI: 10.23895/KDIJEP.2022.44.2.29
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    References listed on IDEAS

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    1. Hanushek, Eric A. & Schwerdt, Guido & Wiederhold, Simon & Woessmann, Ludger, 2015. "Returns to skills around the world: Evidence from PIAAC," European Economic Review, Elsevier, vol. 73(C), pages 103-130.
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    More about this item

    Keywords

    Adult Education and Training; Lifelong Learning; Wage Education; Skills;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • P46 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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