Venezuela South Korea

Updated 2026-05-15

Venezuela

Minimum Wage

Bs.D0.68 /hr

$0.02 USD

Avg. Gross Salary

Bs.D500 /mo

South Korea

Minimum Wage

₩10,320 /hr

$6.84 USD

Avg. Gross Salary

₩3,960,000 /mo

Min wage: -100% Venezuela vs South Korea Avg. salary: -99% Venezuela vs South Korea

The minimum wage in Venezuela is roughly 367 times lower than in South Korea in USD terms, reflecting the gap between a upper-middle-income and a high-income economy. Average gross salaries diverge further: $14/mo in Venezuela versus $2,625/mo in South Korea, a 191.6:1 ratio. South Korea has the tighter labor market, with unemployment at 2.7% compared to 5.3%.

Venezuela's unemployment rate is 5.3% compared to South Korea's 2.7%.

Detailed Comparison

Detailed wage comparison between Venezuela and South Korea
Metric	Venezuela	South Korea	Diff
Minimum wage /hr	Bs.D0.68 $0.02	₩10,320 $6.84	-99.7%
Minimum wage /day	Bs.D5.42 $0.15	—	—
Minimum wage /mo	Bs.D130 $3.56	₩2,156,880 $1,429.69	-99.8%
Minimum wage /yr	—	₩25,882,560 $17,156.22	—
Avg. gross salary /mo	Bs.D500 /mo $13.70	₩3,960,000 /mo $2,624.88	-99.5%
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 Venezuela is higher.

Work Week

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.
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.

• WAGE TRAJECTORY (USD/hr)

Venezuela South Korea Source: wage.is · USD equivalent/hr

Year	Venezuela (USD)	South Korea (USD)
2015	—	$3.70/hr
2016	—	$4.00/hr
2017	—	$4.29/hr
2018	—	$4.99/hr
2019	—	$5.53/hr
2020	$10959/hr	$5.69/hr
2021	$0.27/hr	$5.78/hr
2022	$3.56/hr	$6.07/hr
2023	$3.56/hr	$6.38/hr
2024	$3.56/hr	$6.54/hr
2025	$3.56/hr	$6.65/hr
2026	$3.56/hr	$6.84/hr

What This Means for Workers

A minimum wage worker in Venezuela earns 36618% less per hour in USD terms than one in South Korea.

See this comparison from South Korea's perspective: South Korea vs Venezuela

Compare Venezuela with...

Venezuela vs United States $ 7.25 /hr

Venezuela vs China ¥ 25 /hr

Venezuela vs Germany € 13.9 /hr

Venezuela vs United Kingdom £ 12.71 /hr

Venezuela vs India ₹ 4,576 /mo

Venezuela vs Japan ¥ 1,121 /hr

Venezuela vs France € 12.02 /hr

Venezuela vs Canada C$ 18.1 /hr

Venezuela vs Australia A$ 24.95 /hr

Venezuela vs Brazil R$ 7.37 /hr

Venezuela vs Russia ₽ 156.31 /hr

Venezuela vs Mexico MX$ 9,583.52 /mo

Venezuela vs Indonesia Rp 33,058 /hr

Venezuela vs Netherlands € 14.71 /hr

Venezuela vs Saudi Arabia ﷼ 23.08 /hr

Venezuela vs Turkey ₺ 164.94 /hr

Venezuela vs Taiwan NT$ 190 /hr

Venezuela vs Switzerland

Venezuela vs Poland zł 31.4 /hr

Venezuela vs Thailand ฿ 10,400 /mo

Venezuela vs Sweden

Venezuela vs Argentina ARS 1,762 /hr

Venezuela vs Singapore

Venezuela vs Norway

Frequently Asked Questions

Is the minimum wage higher in Venezuela or South Korea?

In Venezuela, the minimum wage is Bs.D0.68/hr ($0.02 USD). In South Korea, it is ₩10,320/hr ($6.84 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 less does the average worker earn in Venezuela compared to South Korea?

The average gross salary in Venezuela is Bs.D500/mo ($13.70 USD), compared to ₩3,960,000/mo ($2,624.88 USD) in South Korea. In USD terms, workers in Venezuela earn approximately 19062% less. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Venezuela and South Korea 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 Venezuela and South Korea?

Both Venezuela 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.