The real losers during times of economic crisis: evidence of the Korean gender pay gap

The purpose of this study is to gain a better understanding of the employment figures in the labour market after the two Korean financial crises (1997 and 2008), focusing on the gender gap across different characteristics. Based on several data points, a general trend becomes evident whereby, as companies retrenched, they shifted the demographics of their employees to those perceived as most valuable, i.e. workers with university educations. However, when distinguished by gender, it is evident that their priorities changed. This discovery suggests that as the world faces another global health crisis (COVID-19) with its associated impact on organisational retrenchment, the gender gap in Korea could widen further.