Key Facts: South Korea vs Venezuela Wages
- South Korea Minimum Wage
- ₩10,320/hr ($6.84 USD)
- Venezuela Minimum Wage
- Bs.D0.68/hr ($0.02 USD)
- South Korea Avg. Gross Monthly Salary
- ₩3,960,000 /mo ($2,624.88 USD)
- Venezuela Avg. Gross Monthly Salary
- Bs.D500 /mo ($13.70 USD)
- Data Sources
- Minimum Wage Commission (최저임금위원회) (2026-05-15), Venezuelan Ministry of Labour (MINPPTRASS) / Decreto 4.653/2022 / Cendas-FVM. Confirmed: legal salario mínimo has been UNCHANGED at VES 130 since March 2022 (over 4 years frozen amid hyperinflation). Effective real income for workers is dominated by the 'ingreso integral' (bono de guerra económica + CESTATICKET food bonus), increased to USD 240/month effective 1 May 2026. (2026-05-04)
South Korea 
Venezuela
Updated 2026-05-15
The minimum wage in South Korea is roughly 367 times higher than in Venezuela in USD terms, reflecting the gap between a high-income and a upper-middle-income economy. Average gross salaries diverge further: $2,625/mo in South Korea versus $14/mo in Venezuela, a 191.6:1 ratio. South Korea has the tighter labor market, with unemployment at 2.7% compared to 5.3%.
South Korea's unemployment rate is 2.7% compared to Venezuela's 5.3%.
Detailed Comparison
| Metric | South Korea | Venezuela |
|---|---|---|
| Minimum wage /hr | ₩10,320 $6.84 | Bs.D0.68 $0.02 |
| Minimum wage /day | — | Bs.D5.42 $0.15 |
| Minimum wage /mo | ₩2,156,880 $1,429.69 | Bs.D130 $3.56 |
| Minimum wage /yr | ₩25,882,560 $17,156.22 | — |
| Avg. gross salary /mo | ₩3,960,000 /mo $2,624.88 | Bs.D500 /mo $13.70 |
| 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.
- Venezuela
-
40 hrs/wk standard
Max 44 hrs/wk
Overtime : 1.5x pay
Organic Labour Law (LOTTT) of 2012 sets the standard workweek at 40 hours (8 hours/day, 5 days). Certain sectors may work up to 44 hours/week. Overtime is limited to 100 hours/year and paid at a premium of at least 50%. Night work (7pm–5am) carries a 30% premium. Workers are entitled to 2 years advance notice before termination — the LOTTT provides extremely strong job security provisions. Saturday is often worked in practice in commerce/industry.
• WAGE TRAJECTORY (USD/hr)
What This Means for Workers
A minimum wage worker moving from Venezuela to South Korea would see a 36618% increase in USD-equivalent hourly earnings.
See this comparison from Venezuela's perspective: Venezuela vs South Korea
Compare South Korea with...
South Korea vs United States $ 7.25 /hr 
South Korea vs China ¥ 25 /hr 
South Korea vs Germany € 13.9 /hr 
South Korea vs United Kingdom £ 12.71 /hr 
South Korea vs India ₹ 4,576 /mo 
South Korea vs Japan ¥ 1,121 /hr 
South Korea vs France € 12.02 /hr 
South Korea vs Canada C$ 18.1 /hr 
South Korea vs Australia A$ 24.95 /hr 
South Korea vs Brazil R$ 7.37 /hr 
South Korea vs Russia ₽ 156.31 /hr 
South Korea vs Mexico MX$ 9,583.52 /mo 
South Korea vs Indonesia Rp 33,058 /hr 
South Korea vs Netherlands € 14.71 /hr 
South Korea vs Saudi Arabia ﷼ 23.08 /hr 
South Korea vs Turkey ₺ 164.94 /hr 
South Korea vs Taiwan NT$ 190 /hr 
South Korea vs Switzerland 
South Korea vs Poland zł 31.4 /hr 
South Korea vs Thailand ฿ 10,400 /mo 
South Korea vs Sweden 
South Korea vs Argentina ARS 1,762 /hr 
South Korea vs Singapore 
South Korea vs Norway Frequently Asked Questions
Is the minimum wage higher in South Korea or Venezuela?
In South Korea, the minimum wage is ₩10,320/hr ($6.84 USD). In Venezuela, it is Bs.D0.68/hr ($0.02 USD). South Korea has the higher rate by 36618% 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 Venezuela may retain a larger share of their earnings if prices there are lower.
How much more does the average worker earn in South Korea compared to Venezuela?
The average gross salary in South Korea is ₩3,960,000/mo ($2,624.88 USD), compared to Bs.D500/mo ($13.70 USD) in Venezuela. In USD terms, workers in South Korea earn approximately 19062% more. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between South Korea and Venezuela is shaped by differences in industry composition, labor productivity, and the overall cost of living in each country. Workers in South Korea earn more in nominal terms, though how far that income stretches depends on local prices in Venezuela.
How do work hours compare between South Korea and Venezuela?
Both South Korea and Venezuela 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.