Key Facts: Faroe Islands vs South Korea Wages
- Faroe Islands Minimum Wage
- No statutory minimum wage
- South Korea Minimum Wage
- ₩10,320/hr ($6.84 USD)
- Faroe Islands Avg. Gross Monthly Salary
- kr34,278 /mo ($5,341.42 USD)
- South Korea Avg. Gross Monthly Salary
- ₩3,960,000 /mo ($2,624.88 USD)
- Data Sources
- Statistics Faroe Islands (hagstova.fo) (2026-05-04), Minimum Wage Commission (최저임금위원회) (2026-05-15)
Faroe Islands 
South Korea
Updated 2026-05-15
Faroe Islands has no statutory minimum wage, while South Korea sets a floor of $7/hr. Average gross salaries diverge further: $5,341/mo in Faroe Islands versus $2,625/mo in South Korea, a 2.0:1 ratio.
Detailed Comparison
| Metric | Faroe Islands | South Korea |
|---|---|---|
| Minimum wage /hr | None | ₩10,320 $6.84 |
| Minimum wage /mo | None | ₩2,156,880 $1,429.69 |
| Minimum wage /yr | None | ₩25,882,560 $17,156.22 |
| Avg. gross salary /mo | kr34,278 /mo $5,341.42 | ₩3,960,000 /mo $2,624.88 |
| Avg. net salary /mo | N/A/mo | ₩3,170,000 /mo $2,101.23 |
| Median individual income /yr | N/A/yr | ₩33,360,000 /yr $22,112.63 |
Percentage differences are based on USD equivalent values. Positive means Faroe Islands is higher.
Work Week
- Faroe Islands
-
40 hrs/wk standard
Max 48 hrs/wk
Overtime : 1.5x pay
Standard workweek is 40 hours. Working conditions governed by collective agreements.
- South Korea
-
40 hrs/wk standard
Max 52 hrs/wk
Overtime : 1.5x pay
Labour Standards Act sets 40 hrs/week base with maximum 12 hrs overtime (52 total). Overtime, night work (10pm-6am), and holiday work each receive a 50% premium. Businesses with 5-49 employees had a phased implementation completed in 2021. Government proposed a flexible 69-hour weekly cap in 2023 but withdrew after public backlash.
See this comparison from South Korea's perspective: South Korea vs Faroe Islands
Compare Faroe Islands with...
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Faroe Islands vs China ¥ 25 /hr 
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Faroe Islands vs India ₹ 4,576 /mo 
Faroe Islands vs Japan ¥ 1,121 /hr 
Faroe Islands vs France € 12.02 /hr 
Faroe Islands vs Canada C$ 18.1 /hr 
Faroe Islands vs Australia A$ 24.95 /hr 
Faroe Islands vs Brazil R$ 7.37 /hr 
Faroe Islands vs Russia ₽ 156.31 /hr 
Faroe Islands vs Mexico MX$ 9,583.52 /mo 
Faroe Islands vs Netherlands € 14.71 /hr 
Faroe Islands vs Saudi Arabia ﷼ 23.08 /hr 
Faroe Islands vs Turkey ₺ 164.94 /hr 
Faroe Islands vs Switzerland 
Faroe Islands vs Poland zł 31.4 /hr 
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Faroe Islands vs Israel ₪ 35.4 /hr 
Faroe Islands vs New Zealand NZ$ 23.5 /hr Frequently Asked Questions
Is the minimum wage higher in Faroe Islands or South Korea?
In Faroe Islands, the minimum wage is no statutory minimum wage. In South Korea, it is ₩10,320/hr ($6.84 USD).
How much more does the average worker earn in Faroe Islands compared to South Korea?
The average gross salary in Faroe Islands is kr34,278/mo ($5,341.42 USD), compared to ₩3,960,000/mo ($2,624.88 USD) in South Korea. In USD terms, workers in Faroe Islands earn approximately 103% more. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Faroe Islands and South Korea is shaped by differences in industry composition, labor productivity, and the overall cost of living in each country. Workers in Faroe Islands earn more in nominal terms, though how far that income stretches depends on local prices in South Korea.
How do work hours compare between Faroe Islands and South Korea?
Both Faroe Islands and South Korea mandate a similar standard work week of 40 hours. When work hours are equal, the country with the higher minimum wage delivers proportionally higher weekly earnings. Standard work week rules set the baseline; actual hours worked often differ based on industry norms and individual employment contracts.