MINIMUM AND AVERAGE SALARY IN SOUTH KOREA
The Republic of Korea (unofficially – South Korea) has a high-tech industrial economy that has been showing incredible growth for several decades. While half a century ago the dynamics of the country's development did not differ much from the poor regions of Africa and Asia, today the South Korean state is on the list of world economic leaders. This has provided Korean citizens with a high standard of living and decent salaries.
Work in South Korea is in high demand from foreigners from all over the world and one of the main incentives for moving is the pay. The local authorities promote the inflow of skilled labour and entrepreneurs investing in Korean business. Next, let's find out what is the minimum and average salary in South Korea in 2024.
CONTENTS
Minimum wage in South Korea
According to official Korean government data, the national minimum wage in South Korea in 2024 is 9,860 won per hour, equivalent to 7 American dollars. Assuming full-time employment, the average Korean worker should receive at least 2,060,740 won (about $1,495) monthly. Compared to 2023, the minimum wage in South Korea increased by 2.5% and inflation was 3.6%. That is, the purchasing power of local residents has decreased.
In general, over the past 5 years, the monthly minimum wage in South Korea has increased by an average of $600. At the same time, the government planned to increase the rate to 10,000 won per hour by 2020. Such an initiative was aimed at increasing household spending and reducing the country's export dependence. By the way, according to experts at the Korea Labour Institute, about 12% of workers in South Korea are paid the minimum wage.
Important. Under Article 32 of the Constitution of the Republic of Korea, every citizen has the right to work. The country must make efforts to increase the employment of its workers and to ensure that they receive proper wages in a socio-economic manner, and implement the minimum wage system stipulated by law.
Average salary in South Korea
According to the Korean Institute of Economic Research and statistics of the local Ministry of Employment and Labour, the average salary in South Korea in 2024 is 50,973,180 won per year, which in terms of American currency is equal to $36,920. Thus, Koreans earn an average of 4,247,765 won or $3,075 every month. Even compared to some EU countries, labour remuneration in South Korea is very high.
Economic sector | Won per month | Dollars per month |
Health care | 5,800,000 | 4,210 |
Real Estate | 4,280,000 | 3,105 |
Banking | 4,250,000 | 3,085 |
Education | 4,070,000 | 2,955 |
Public relations | 3,840,000 | 2,790 |
Architecture | 3,800,000 | 2,760 |
Human resources | 3,740,000 | 2,715 |
Engineering | 3,300,000 | 2,395 |
Manufacturing | 2,710,000 | 1,965 |
Construction | 2,410,000 | 1,750 |
The Republic of Korea is ahead of such developed countries as Poland, the Czech Republic, Spain, Portugal and many others in terms of wages. If you look at the neighbouring states in the region, the average salary in China today is about $1,385 a month, and in Japan $2,000. Permanent employees of large Korean corporations earn on average 65,210,000 won per year ($47,235), while employees of smaller companies earn about 34,930,000 won ($25,300).
Occupation | Won per year | Dollars per year |
Dentist | 128,752,000 | 107,500 |
Senior Manager | 120,739,000 | 100,810 |
Programmer | 87,227,800 | 72,830 |
Pilot | 63,339,900 | 52,885 |
Auditor | 54,890,200 | 45,830 |
Engineer | 49,680,200 | 41,480 |
Architect | 47,213,000 | 39,420 |
Chef | 45,123,000 | 37,675 |
Police officer | 43,560,000 | 36,370 |
Travel agent | 43,536,100 | 36,350 |
Teacher | 40,745,400 | 34,020 |
Accountant | 37,930,900 | 31,670 |
Waiter | 32,595,200 | 27,215 |
Cashier | 31,421,400 | 26,235 |
It is difficult to determine the exact size of Korean salaries. For example, according to the authoritative analytical publication numbeo, after taxes, the average salary in South Korea in 2024 is 3,288,788 won per month ($2,380). Much depends on profession, experience, specific company and region. Let's say that working in Seoul brings a higher income than the country as a whole. Some qualified professionals, including foreigners, earn in the capital of South Korea from $3,000 per month and more.
City | Won per month | Dollars per month |
Seoul | 4,380,000 | 3,180 |
Busan | 4,300,000 | 3,120 |
Incheon | 4,230,000 | 3,070 |
Daegu | 4,150,000 | 3,015 |
Daejeon | 4,070,000 | 2,955 |
Gwangju | 4,000,000 | 2,905 |
Suwon | 3,920,000 | 2,845 |
Goyang | 3,770,000 | 2,735 |
Seongnam | 3,690,000 | 2,680 |
Bucheon | 3,620,000 | 2,630 |
HIGHLY PAID OCCUPATIONS IN SOUTH KOREA
Corporate executives
Information technology professionals
Financial services professionals
Physicians
Lawyers and legal experts
University professors
Aerospace engineers
Shipbuilding engineers
Construction project managers
Celebrities in entertainment and sports
Corporate executives
Information technology professionals
Financial services professionals
Physicians
Lawyers and legal experts
University professors
Aerospace engineers
Shipbuilding engineers
Construction project managers
Celebrities in entertainment and sports
Annual taxable income (million won) | Base tax (million won) | Tax rate (%) | |
0 | 12 million | – | 6% |
12 million | 46 million | 0.72 million | 15% |
46 million | 88 million | 5.82 million | 24% |
88 million | 150 million | 15.9 million | 35% |
150 million | 300 million | 37.6 million | 38% |
300 million | 500 million | 94.6 million | 40% |
500 million | 1,000 million | 174.6 million | 42% |
More than 1,000 million | 384.6 million | 45% |
Cost of living in South Korea
Compared to most Asian countries, the cost of living in South Korea is quite expensive. This includes housing, food, clothing and public transport. To give you an example, it is cheaper to live here than in Japan, but more expensive than in China. The most expensive cities are Seoul and Incheon.
Basic costs in South Korea:
Rent: $450-600 per month for a one-bedroom flat in the centre.
Utility bills: $150-200 per month.
Food: $200-250 per month per person.
Transport: $40-50 per month by public transport or 100-150 euros per month by car.
Internet/mobile phone: $60-70 per month.
Clothing and leisure activities: $400-500 per month.
In conclusion, after taxes, the average salary in South Korea is 3,485,000 won per month ($2,530).
Frequently asked questions about salaries in South Korea:
What is the average salary in South Korea?
-
Before taxes, the average salary in South Korea in 2024 is 4,247,765 won per month ($3,075).
What is the minimum wage in South Korea?
-
The minimum wage in South Korea in 2024 is 9,860 won per hour ($7).
What is the highest earning job in South Korea?
-
The highest paying jobs in South Korea are senior managers in large companies, computer programmers and financiers.
What is the lowest paying job in South Korea?
-
Representatives of unskilled labour – cleaners, waiters, cooks' assistants, loaders, salesmen, maids and so on – earn the least in South Korea.
What is the average salary of programmers in South Korea?
-
The average income of programmers in South Korea is estimated at $30,000-40,000 per year.
What is the payroll tax in South Korea?
-
The income tax rate in South Korea depends on annual income and ranges from 6% (income up to 12 million won) to 45% (income over 1,000 million won).
What is the average salary in Seoul?
-
The average salary in Seoul in 2024 is around $3,000-4,000 per month.
What is the average salary in South Korea?
- Before taxes, the average salary in South Korea in 2024 is 4,247,765 won per month ($3,075).
What is the minimum wage in South Korea?
- The minimum wage in South Korea in 2024 is 9,860 won per hour ($7).
What is the highest earning job in South Korea?
- The highest paying jobs in South Korea are senior managers in large companies, computer programmers and financiers.
What is the lowest paying job in South Korea?
- Representatives of unskilled labour – cleaners, waiters, cooks' assistants, loaders, salesmen, maids and so on – earn the least in South Korea.
What is the average salary of programmers in South Korea?
- The average income of programmers in South Korea is estimated at $30,000-40,000 per year.
What is the payroll tax in South Korea?
- The income tax rate in South Korea depends on annual income and ranges from 6% (income up to 12 million won) to 45% (income over 1,000 million won).
What is the average salary in Seoul?
- The average salary in Seoul in 2024 is around $3,000-4,000 per month.
RELATED ARTICLES: