Learn about the minimum wage in South Korea thanks to Horizonsâ up-to-date guide.
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In 2023 the minimum hourly wage in South Korea is KRW 9,620.
Are there regional variations in South Korea minimum wage?
No. South Koreaâs minimum wage applies to all industries across the country at large.
South Koreaâs Minimum Wage Commission is made up of representatives from employee groups, private sector employers and the public sector in order to give voices to each key stakeholder group.
How has minimum wage in South Korea changed in the last 5 years and beyond?
The minimum wage in South Korea has increased from KRW 7,530 in 2018 to KRW 9,620 per hour in 2023.
Although South Koreaâs minimum wage has increased in the 5 years between 2018 and 2023, the rate of on-year increase has fluctuated, and primarily follows a downward trend.
In 2017/18, the on-year increase was 16.4%, falling to 10.9% in 2018/19, then 2.9% in 2019/20 and 1.5% in 2020/21. In 2021/22 the on-year increase rose to 5.1% where it has remained in 2023.
How does the minimum wage in South Korea compare to surrounding countries?
In comparison to the surrounding countries, South Koreaâs hourly minimum wage is slightly higher than Japanâs and considerably higher than Chinaâs hourly minimum wage:
South Korea: KRW 9,620 â$7.29
Japan: JPY 931 â$6.81
China (Beijing): CNY 25.3 â$3.63
Is there a different minimum wage for expats in South Korea?
No. South Koreaâs Minimum Wage Act (1986) applies to all businesses, regardless of industry.
Furthermore, the minimum wage applies to all employees, as defined by the Labor Standards Act (1997), regardless of nationality or status i.e. part-time, temporary or foreign workers.
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The average salary in South Korea is KRW 47,145,828 per year. The minimum wage in South Korea is estimated by the Korean government as KRW 24,126,960 per year, assuming regular working hours.
It is highly unlikely that skilled employees will accept a salary that is close to South Koreaâs minimum wage. This is especially true in larger cities, such as Seoul, Busan or Incheon.
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The National Minimum Wage in South Korea is 9,860 KRW per hour. The minimum wage is applicable to all companies and employees (regardless of residency status).
In 2023, the average monthly salary of regular employees in South Korea's capital Seoul amounted to almost 4.3 million South Korean won, up from about 4.1 million won the previous year.
Korea's 2023 minimum wage confirmed at $7.4, up 5% from 2022
South Korea's minimum hourly wage for next year has been finalized at 9,620 won ($7.4), up 5 percent from this year, as agreed by the representatives of employees and employers last month, the Ministry of Employment and Labor announced Friday.
Most people in Korea that do, are children and spouses. The very low minimum wage allows for easier entry into the work force, doesn't inflate the cost of living and motivates people to not work low end jobs. Mainly it allows small businesses to compete with larger businesses by not killing them with labor costs.
In comparison to the surrounding countries, South Korea's average salary of KRW 47,145,828 is higher than the average salary in both Japan and China: South Korea: KRW 47,145,828 â$35,731.
Cost Of Living In South Korea Vs. The USA. The average cost of living in South Korea is much lower than the average cost of living in the United States. The biggest savings are found in the price of monthly rent for apartment units in both the suburbs and downtown locations.
South Korea's jobless rate rose to the highest in almost two years, a reflection of both the impact of elevated interest rates on the economy and the impact of more people joining the workforce.
The average price of a 7-day trip to South Korea is $1,452 for a solo traveler, $2,504 for a couple, and $1,084 for a family of 4. South Korea hotels range from $45 to $202 per night with an average of $67, while most vacation rentals will cost $110 to $440 per night for the entire home.
Unemployment Rate in South Korea increased to 2.80 percent in March from 2.60 percent in February of 2024. Unemployment Rate in South Korea averaged 3.59 percent from 1999 until 2024, reaching an all time high of 7.10 percent in June of 1999 and a record low of 2.40 percent in August of 2023.
An analysis of the living wage (as calculated in December 2022 and reflecting a compensation being offered to an individual in 2023), compiling geographically specific expenditure data for food, childcare, health care, housing, transportation, and other necessities, finds that: The living wage in the United States is ...
But just how much does a single person in California need to make to live comfortably? A new study from Smart Asset determined that a person must make at least $ 89,190 to get by comfortably.
According to research from MIT, the living wage in the United States was $25.02 per hour ($104,077.70 per year) before taxes per year in 2022 for a family of four (two working adults with two children). That's an increase from $24.16 ($100,498.60 per year) in 2021.
Luxembourg. Luxembourg offers the highest minimum wage of any country worldwide at US$3,357 (â¬3,085) per month for skilled talent over the age of 18. Unskilled talent and talent under the age of 18 receive a lower monthly minimum wage: Unskilled workers 18 years of age and older: US$2,798 (â¬2,571)
There's no denying that South Korea is an expensive country. Indeed, the capital, Seoul, frequently ranks as one of the world's most expensive cities in which to live. In 2023, Seoul ranked 16th out of 227 cities in the Mercer Cost of Living Survey.
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