South Korean post allowance rises
As of Sunday, post allowance is back up where it was two weeks ago for U.S. government civilians working in South Korea.
After dropping two weeks ago, post allowance — the civilian equivalent of the military cost-of-living allowance — went from 10 to 15 as the South Korean won stabilized against the dollar.
The rate increase varies by salary.
For example, a single civilian making $50,000 per year would receive $3,210 annual in post allowance under the new rate – a $1,070 hike over the old rate.
Last month, the rate skyrocketed to above 1,000 won to the dollar, levels not seen since late 2005. The resulting purchasing strength dropped the post allowance rate.
The dollar was worth 979 South Korean won at commercial rates on Monday. Retail bank rates generally range 10 to 30 won less.
The new post allowance rate will show up in paychecks issued the first week of May.