Cosmax Increases Employee Salaries by 50% Amid Economic Challenges
Creatrip Team
a year ago
Cosmax, a leading South Korean cosmetics manufacturer, has increased its employees' salaries by approximately 50% over the past year, reaching an average annual salary of 90.1 million won per employee. This significant raise occurs despite a period of rising inflation and economic downturn, making Cosmax's actions stand out in the industry, where most companies have opted for cost-cutting measures. The company also plans aggressive overseas expansions, setting up new factories in countries like China and Japan. This could potentially pose financial risks due to increased borrowing and interest costs, despite the improved business performance with 2022 revenues surpassing 2 trillion won for the first time in the global cosmetics ODM (Original Design Manufacturer) market.
