An assistant professor at the Department of

An assistant professor at the Department of Economics at the Hong Kong University of Science and Technology earns about 200 million won a year. In addition, the monthly rent subsidy is around 3 million won (or you can buy a 40-60 pyeong apartment with 10 percent of your annual salary). The annual salary of an assistant professor varies widely depending on the achievement. Some are still similar to (or maybe even lower) the new assistant professor, while others are close to 400 to 500 million won. Recently, a couple from the University of Hong Kong are top-notch economists who served as editors of the Top 5 Journal of Economics, and they each earn 500 million won a year. Aid all four of their children from international school tuition. Excellent housing support on Hong Kong Island until retirement.

On the other hand, the annual salary of economics professors at major universities in Korea is often less than 70 million won, and in many cases, the annual salary of full-time professors is less than 100 million won. Medical school professors at the same university are almost twice that of economics professors. Medical school professors are surprised at how much better the situation is compared to domestic economists. Some people argue that it is natural for us to get more for treatment, which is absurd. Anyway, everyone has 24 hours of time, and professors at major universities are doing their best. The high annual salary for medical school professors is due to the high salary of outside option practitioners.  

Hong Kong and Korea also have a difference in annual salary in support of research funds. The treatment of Hong Kong and Korea seems to be about three times the difference.

What's better about Hong Kong universities is that they don't have incentives to do anything other than research. There is no need to do government projects (the reason for not doing so is much greater), and if you do well in research, your salary will definitely rise. On the other hand, if there is no result, you will not be able to become a tenure, and your salary will not rise even if you manage to get a tenure (reflecting inflation). Korea is a sad structure in which income increases if you do nothing else without research. Professors are also human. Under the structure of Korea, it is strange to study hard.

The annual salary of domestic professors is also good considering the average wages of Korean workers, but you shouldn't just think so. Universities are the logistics base of R&D and the place where almost all future talent is nurtured.

Professors are also living people. If you have high abilities, you naturally move to a place that rewards you a lot. It is natural that Koreans who have studied abroad consider returning to Korean universities as the last choice. In short, it is not an environment in which major domestic universities can compete with them. It is even more surprising that major Korean universities are on the periphery of the top 10 in Asia.

* When I talk about this in private, professors around me often say, "Please write this as an editorial." I'm thinking about it