MINIMUM AND AVERAGE SALARY IN SOUTH KOREA

The Republic of Korea (unofficially – South Korea) is located in East Asia on the Korean Peninsula. It is washed by the Yellow Sea to the west, the Sea of Japan to the east, and the Strait of Korea and the East China Sea to the south. It is one of the most developed and successful Asian countries with high living standards and strong economies.

Salary in South Korea

South Korea has a population of only 51.3 million and a labor force of about 26.5 million. Unemployment – 3-4%. The largest city and capital of the country, Seoul, is home to about 10.6 million people, including 360 thousand foreigners. Next, let's find out what salaries in South Korea in 2020.

Minimum salary in South Korea

According to official data from the Korean Ministry of Employment and Labor, the minimum wage in South Korea in 2020 is 8,590 won per hour, which corresponds to 7.2 U.S. dollars. Compared to last year, the rate increased by 240 won (2.9%). This is the smallest increase in the minimum wage in South Korea in the last ten years. The main reason is a slowdown in economic growth and the number of jobs.

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.

South Korean workers receive a minimum of 1,488.9 thousand won ($1,240) per month and 17,866.8 thousand won ($14,895) per year. Over the past 5 years, the hourly minimum wage rate in South Korea has increased by 3,010 won, from 5,580 won in 2015 to 8,590 won in 2020. In 2018, the minimum wage was raised by 16.4% (from 6,470 won to 7,530 won), the largest increase since 2001.

Average salary in South Korea

According to the Korea Institute for Economic Research, the average salary in South Korea in 2020 is 4,003,335 won per month or 48,040,020 won per year, equivalent to $3,340 and $48,055, respectively. Compared to the same period last year, Koreans' monthly income increased by 196,651 won (165 dollars).

The average salary in South Korea depends largely on education, skill level, experience, profession, employer and specific region. Specialist salaries are highest in South Korean cities such as Seoul, Busan and Incheon, where they earn about $4,000 per month on average. Based on the latest data from Korean recruitment agencies, we will allocate average salaries in South Korea by profession.

SALARY IN SOUTH KOREA BY PROFESSION

Profession Won per year U.S. 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

In conclusion, we note that the income tax rate in South Korea on the salaries of hired workers ranges from 6% (income up to 12 million won per year) to 42% (income over 500 million won per year).

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