Key Facts: South Korea vs Faroe Islands Wages
- South Korea Minimum Wage
- ₩10,320/hr ($6.84 USD)
- Faroe Islands Minimum Wage
- No statutory minimum wage
- South Korea Avg. Gross Monthly Salary
- ₩3,960,000 /mo ($2,624.88 USD)
- Faroe Islands Avg. Gross Monthly Salary
- kr34,278 /mo ($5,341.42 USD)
- Data Sources
- Minimum Wage Commission (최저임금위원회) (2026-05-15), Statistics Faroe Islands (hagstova.fo) (2026-05-04)
South Korea 
Faroe Islands
Updated 2026-05-15
Unlike Faroe Islands, which has no statutory minimum wage, South Korea mandates a wage floor of $7/hr. Average gross salaries diverge further: $2,625/mo in South Korea versus $5,341/mo in Faroe Islands, a 2.0:1 ratio.
Detailed Comparison
| Metric | South Korea | Faroe Islands |
|---|---|---|
| Minimum wage /hr | ₩10,320 $6.84 | None |
| Minimum wage /mo | ₩2,156,880 $1,429.69 | None |
| Minimum wage /yr | ₩25,882,560 $17,156.22 | None |
| Avg. gross salary /mo | ₩3,960,000 /mo $2,624.88 | kr34,278 /mo $5,341.42 |
| Avg. net salary /mo | ₩3,170,000 /mo $2,101.23 | N/A/mo |
| Median individual income /yr | ₩33,360,000 /yr $22,112.63 | N/A/yr |
Percentage differences are based on USD equivalent values. Positive means South Korea is higher.
Work Week
- 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.
- 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.
See this comparison from Faroe Islands's perspective: Faroe Islands vs South Korea
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Is the minimum wage higher in South Korea or Faroe Islands?
In South Korea, the minimum wage is ₩10,320/hr ($6.84 USD). In Faroe Islands, it is no statutory minimum wage.
How much less does the average worker earn in South Korea compared to Faroe Islands?
The average gross salary in South Korea is ₩3,960,000/mo ($2,624.88 USD), compared to kr34,278/mo ($5,341.42 USD) in Faroe Islands. In USD terms, workers in South Korea earn approximately 103% less. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between South Korea and Faroe Islands 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 South Korea and Faroe Islands?
Both South Korea and Faroe Islands 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.