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SALARY PAYMENT IN South Korean Won (KRW, ₩)
CONTRACT LANGUAGES Korean / English
PAYROLL TAX 16.43% – 34.94%
PAYROLL CYCLE Monthly
TIME TO HIRE 24 hours
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As of January 1, 2024, the minimum hourly wage in South Korea is KRW 9,860. This is an increase from the 2023 rate of KRW 9,620.
No. South Korea’s minimum wage applies to all industries across the country at large.
South Korea’s Minimum Wage Commission is made up of representatives from employee groups, private sector employers and the public sector in order to give voices to each key stakeholder group.
The minimum wage in South Korea has increased from KRW 7,530 in 2018 to KRW 9,860 per hour in 2024.
Although South Korea’s minimum wage has increased in the 5 years between 2019 and 2024, the rate of on-year increase has fluctuated, and primarily follows a downward trend.
In 2017/18, the on-year increase was 16.4%, falling to 10.9% in 2018/19, then 2.9% in 2019/20 and 1.5% in 2020/21. In 2021/22 the on-year increase rose to 5.1% where it has remained in 2023.
| Date | Min. wage, hourly rate (KRW) |
|---|---|
| 2024 | 9,860 |
| 2023 | 9,620 |
| 2022 | 9,160 |
| 2021 | 8,720 |
| 2020 | 8,590 |
| 2019 | 8,350 |
| 2018 | 7,530 |
| 2017 | 6,470 |
| 2016 | 6,030 |
In comparison to the surrounding countries, South Korea’s hourly minimum wage is slightly higher than Japan’s and considerably higher than China’s hourly minimum wage:
No. South Korea’s Minimum Wage Act (1986) applies to all businesses, regardless of industry.
Furthermore, the minimum wage applies to all employees, as defined by the Labor Standards Act (1997), regardless of nationality or status i.e. part-time, temporary or foreign workers.
Your business can easily hire employees in South Korea without opening a local entity. We handle local employment law, complex tax regulations, and international payroll in 180+ countries worldwide. All you need to do is focus on your business.
The average salary in South Korea is KRW 52,593,916 per year. The minimum wage in South Korea is estimated by the Korean government as KRW 24,728,880 per year, assuming regular working hours.
It is highly unlikely that skilled employees will accept a salary that is close to South Korea’s minimum wage. This is especially true in larger cities, such as Seoul, Busan or Incheon.
South Korea – Minimum Wage Over the Years
