Key Facts: South Korea Wages
- Country
- South Korea (KOR)
- Continent
- Asia
- Currency
- South Korean Won (KRW)
- Minimum Wage
- ₩10,320 /hr ($6.62 USD)
- Average Gross Monthly Salary
- ₩3,960,000 /month
- Average Gross Annual Salary
- ₩47,520,000 /year
- Median Individual Income
- ₩33,360,000 /year
- Standard Work Week
- 40 hours
- Data Source
- Minimum Wage Commission (최저임금위원회)
- Last Updated
- 2026-05-15
South Korea — Average Salary & Wages
South Korean Won (KRW) Data verified Jan 2026 Sources
The average salary in South Korea is
₩47,520,000 a year
But half of all workers earn less than ₩33,360,000 .
The average is lifted by bonuses and high earners. Most workers earn less than that.
The minimum wage in South Korea is ₩10,320/hr ($6.62 USD) as of 2026. The average gross monthly salary is ₩3,960,000 ($2,541.57 USD). The median monthly income is ₩2,780,000 ($1,784.24 USD).
Median monthly income of wage-worker jobs was KRW 2,780,000 (KOSTAT, 2023; the average is higher at KRW 3,630,000). The median is well below the mean because high earners pull the average up.
Average monthly wage for regular workers in establishments with 1+ employees. Includes regular pay, overtime, and special payments. Net estimated after income tax, national pension, health insurance, employment insurance, and long-term care insurance (~80% take-home).
About the South Korea economy
South Korea operates a high-income, export-driven economy with a nominal GDP of $1.713 trillion in 2023 at official exchange rates. Services generate 58.4 percent of output, industry 31.6 percent, and agriculture 1.6 percent (OpenFactBook, 2023 est.). Manufacturing is led by semiconductors, automobiles, shipbuilding, steel, and chemicals; integrated circuits and cars are the top export commodities. China takes 25 percent of exports and the United States 18 percent. Real GDP growth slowed from 4.3 percent in 2021 to 2.6 percent in 2022 and 1.4 percent in 2023. Real GDP per capita stands at $50,400 in purchasing power parity terms as of 2023.
The labor force totals approximately 29.713 million workers as of 2024. Unemployment is low at 2.7 percent in 2024, unchanged from 2023. Youth unemployment for workers aged 15 to 24 is 5.9 percent. Demographic pressure on the workforce is severe. The total fertility rate of 0.68 children per woman in 2025 is among the lowest recorded anywhere. The median age has reached 47 years, 19.3 percent of the population is 65 or older, and the population is now shrinking at 0.09 percent per year. These trends point to a contracting labor supply over the coming decades.
South Korea sets a single national statutory minimum wage; the rate does not vary by region or industry. The Minimum Wage Commission set the 2026 rate at 10,320 won per hour, a 2.9 percent increase over the 2025 rate of 10,030 won. The new rate took effect on 1 January 2026. For a full-time worker on the standard 209-hour month, the floor equals 2,156,880 won per month, roughly $1,552 at the exchange rate prevailing when the rate was announced. Actual wages sit well above the floor for most workers, reflecting the economy's high per-capita output.
Minimum Wage Trend
Since 2015, the minimum wage has grown +85% in nominal terms.
• PPP ADJUSTED
In South Korea, the minimum wage has the purchasing power of $12.75/hr in the United States, adjusted for local cost of living using the World Bank PPP conversion factor.
In Context
At minimum wage, a full-time worker in South Korea earns ₩1,788,766/mo. That is 45% of the average gross salary.
- Monthly (full-time)
- ₩1,788,766 at min. wage
- Share of avg. salary
- 45% gross, before tax
- USD equivalent
- $1,148.05/mo monthly
- Nominal growth
- +85% since 2015
Wage Breakdown
- Hourly
- ₩10,320
- Monthly
- ₩2,156,880Based on 209 hours/month (40 hrs/week + 8 hrs paid weekly holiday, 52.14 weeks/12)
- Annual
- ₩25,882,560Based on monthly wage x 12 months
Single national rate with no regional or sectoral variation. 2.9% increase over 2025 — the first consensus-based increase since 2008. South Korea eliminated the previous exception for watchmen and surveillance workers in 2024. The monthly conversion uses 209 hours (including paid weekly rest day), which is the standard legal calculation.
Work Week
- Standard
- 40 hrs/wk
- Maximum
- 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.
Special cities & Metropolitan cities & Special autonomous cities & Provinces & Special autonomous provinces · 17 regions
5 more special cities & metropolitan cities & special autonomous cities & provinces & special autonomous provinces
How South Korea Compares
| Metric | South Korea | Asia Avg. | Asia Highest |
|---|---|---|---|
| Min. wage (USD equiv.) | $6.62/hr | $2.61/hr | $11.89/hr (Israel) |
| Avg. salary (USD equiv.) | $2,541.57/mo | $1,185.31/mo | $4,472.55/mo (Singapore) |
Countries with Similar Minimum Wages
| Country | Min. Wage /hr (USD) |
|---|---|
| Curaçao | $6.55 |
| Malta | $6.53 |
| Bahamas | $6.50 |
| Aruba | $6.47 |
| Estonia | $6.45 |
| South Korea | $6.62 |
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Bhutan Cost of Living
Wages tell half the story. See purchasing power, prices, and quality-of-life context for South Korea on our sister site.
Cost of living in South Korea on costofliving.is →Frequently Asked Questions
What is the minimum wage in South Korea?
The minimum wage in South Korea is ₩10,320/hr (approximately $6.62 USD), effective since 2026-01-01. Single national rate with no regional or sectoral variation. 2.9% increase over 2025 — the first consensus-based increase since 2008. South Korea eliminated the previous exception for watchmen and surveillance workers in 2024. The monthly conversion uses 209 hours (including paid weekly rest day), which is the standard legal calculation.
What is the average salary in South Korea?
The average gross monthly salary in South Korea is ₩3,960,000 (approximately $2,541.57 USD). Average monthly wage for regular workers in establishments with 1+ employees. Includes regular pay, overtime, and special payments. Net estimated after income tax, national pension, health insurance, employment insurance, and long-term care insurance (~80% take-home). Source: Ministry of Employment and Labor / Korean Statistical Information Service (KOSIS) (2024).
How many hours is the standard work week in South Korea?
The standard work week in South Korea is 40 hours, with a legal maximum of 52 hours. Overtime is paid at 1.5x the normal rate. 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.
How has the minimum wage in South Korea changed over time?
The minimum wage in South Korea has changed as follows: ₩5,580 in 2015, ₩6,030 in 2016, ₩6,470 in 2017, ₩7,530 in 2018, ₩8,350 in 2019, ₩8,590 in 2020, ₩8,720 in 2021, ₩9,160 in 2022, ₩9,620 in 2023, ₩9,860 in 2024, ₩10,030 in 2025, ₩10,320 in 2026. This represents 12 recorded adjustments.
What is the minimum wage in South Korea in USD?
The minimum wage in South Korea converts to approximately $6.62/hr in US dollars, based on current exchange rates. Actual purchasing power may differ due to local cost of living.
What is the average salary in South Korea in USD?
The average gross monthly salary in South Korea is approximately $2,541.57 per month in US dollars, based on current exchange rates. Actual purchasing power may differ due to local cost of living.
How does South Korea's minimum wage compare to the Asia average?
South Korea's minimum wage ranks #3 out of 34 countries with statutory minimum wages in Asia, placing it among the highest in Asia.
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