Key Facts: South Korea vs Turks and Caicos Islands Wages
- South Korea Minimum Wage
- ₩10,320/hr ($6.84 USD)
- Turks and Caicos Islands Minimum Wage
- $8/hr
- South Korea Avg. Gross Monthly Salary
- ₩3,960,000 /mo ($2,624.88 USD)
- Data Sources
- Minimum Wage Commission (최저임금위원회) (2026-05-15), TC Weekly News — Minimum Wage Increase (2026-05-04)
South Korea 
Turks and Caicos Islands
Updated 2026-05-15
Turks and Caicos Islands Minimum Wage
$8 /hr
Both high-income economies, South Korea and Turks and Caicos Islands set comparable minimum wage floors in USD terms.
Detailed Comparison
| Metric | South Korea | Turks and Caicos Islands |
|---|---|---|
| Minimum wage /hr | ₩10,320 $6.84 | $8 |
| Minimum wage /mo | ₩2,156,880 $1,429.69 | $1,386.67 |
| Minimum wage /yr | ₩25,882,560 $17,156.22 | $16,640 |
| Avg. gross salary /mo | ₩3,960,000 /mo $2,624.88 | N/A/mo |
| 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.
- Turks and Caicos Islands
-
40 hrs/wk standard
Max 48 hrs/wk
Overtime : 1.5x pay
Standard workweek is 40 hours under the Employment Ordinance.
• WAGE TRAJECTORY (USD/hr)
What This Means for Workers
A minimum wage worker in South Korea earns 17% less per hour in USD terms than one in Turks and Caicos Islands.
See this comparison from Turks and Caicos Islands's perspective: Turks and Caicos Islands vs South Korea
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Is the minimum wage higher in South Korea or Turks and Caicos Islands?
In South Korea, the minimum wage is ₩10,320/hr ($6.84 USD). In Turks and Caicos Islands, it is $8/hr. Turks and Caicos Islands has the higher rate by 17% in USD terms. That nominal gap does not account for local prices; see the purchasing power comparison below for a cost-of-living-adjusted view. Workers in South Korea may retain a larger share of their earnings if prices there are lower.
How do work hours compare between South Korea and Turks and Caicos Islands?
Both South Korea and Turks and Caicos 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.