How much do you think Housework and Childcare have economic value?

Originally published August 28th, 2018 in Delio’s blog

How much do you think housework and childcare have economic value?

According to Professor Kim Jun-Young from Sungkyunkwan University, housewives’ housework in 2017 was at a monthly average of 1 450 dollars, with an annual salary of around 17 400 dollars (with the GDP deflator). The economic value of domestic household labor was revealed to take up to 21–33% of GDP: ~6 % of men’s GDP and ~17–27% of women’s GDP.

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According to the Korea Women’s Development Institute, the monthly salary of full-time housewives would be about 3 280 dollars and the annual income would be almost 39 500 dollars. According to the UN, 75 percent of the world’s unemployed workers are women and they are estimated to account for about 15 to 50 percent of each country’s GDP.

3 280 dollars a month… That is a lot!

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