Labour Costs in South Korea increased to 111.40 points in the third quarter of 2019 from 99.20 points in the second quarter of 2019. Labour Costs in South Korea averaged 91.16 points from 2008 until 2019, reaching an all time high of 129.90 points in the first quarter of 2019 and a record low of 69 points in the second quarter of 2010. source: Korea Productivity Center

Labour Costs in South Korea is expected to be 140.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Labour Costs in South Korea to stand at 142.00 in 12 months time. In the long-term, the South Korea Labour Costs is projected to trend around 142.00 points in 2020, according to our econometric models.

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South Korea Labour Costs

Actual Previous Highest Lowest Dates Unit Frequency
111.40 99.20 129.90 69.00 2008 - 2019 points Quarterly
NSA, 2015=100

South Korea Labour Last Previous Highest Lowest Unit
Unemployment Rate 3.80 3.60 7.10 3.00 percent [+]
Employed Persons 27381.00 27264.00 27381.00 20268.00 Thousand [+]
Unemployed Persons 1068.00 1026.00 1546.00 691.00 Thousand [+]
Labor Force Participation Rate 62.90 63.60 64.20 48.50 percent [+]
Labour Costs 111.40 99.20 129.90 69.00 points [+]
Productivity 110.10 108.50 111.50 53.50 points [+]
Wages 3863726.00 3585588.00 4021244.00 2460239.00 KRW/Month [+]
Wages in Manufacturing 4199394.00 3804036.00 4654149.00 2520139.00 KRW/Month [+]
Minimum Wages 8350.00 7530.00 8350.00 600.00 KRW/Hour [+]
Population 51.61 51.36 51.61 25.01 Million [+]
Retirement Age Women 60.00 60.00 60.00 55.00 [+]
Retirement Age Men 60.00 60.00 60.00 55.00 [+]
Youth Unemployment Rate 7.30 7.10 13.40 3.80 percent [+]
Employment Rate 60.80 61.70 61.70 56.10 percent [+]