Minimum Wages in South Korea increased to 8590 KRW/Hour in 2020 from 8350 KRW/Hour in 2019.

Minimum Wages in South Korea averaged 3285.94 KRW/Hour from 1989 until 2020, reaching an all time high of 8590 KRW/Hour in 2020 and a record low of 600 KRW/Hour in 1989. This page provides - South Korea Minimum Wages- actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea Minimum Hourly Wages - values, historical data and charts - was last updated on August of 2020. source: Minimum Wage Council

Minimum Wages in South Korea is expected to reach 8590.00 KRW/Hour by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Minimum Hourly Wages is projected to trend around 8990.00 KRW/Hour in 2021 and 9500.00 KRW/Hour in 2022, according to our econometric models.

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South Korea Minimum Hourly Wages

Actual Previous Highest Lowest Dates Unit Frequency
8590.00 8350.00 8590.00 600.00 1989 - 2020 KRW/Hour Yearly

South Korea Labour Last Previous Highest Lowest Unit
Unemployment Rate 4.30 4.50 7.10 3.00 percent [+]
Employed Persons 26736.00 26657.00 27522.00 20268.00 Thousand [+]
Unemployed Persons 1213.00 1242.00 1546.00 690.00 Thousand [+]
Labor Force Participation Rate 63.20 63.00 64.20 48.50 percent [+]
Labour Costs 119.30 101.50 129.90 69.00 points [+]
Productivity 109.10 115.80 115.80 53.50 points [+]
Wages 4003335.00 3806684.00 4021244.00 2460239.00 KRW/Month [+]
Wages in Manufacturing 4432727.00 4149388.00 4654149.00 2520139.00 KRW/Month [+]
Minimum Wages 8590.00 8350.00 8590.00 600.00 KRW/Hour [+]
Population 51.71 51.61 51.71 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 11.00 10.30 13.40 3.80 percent [+]
Employment Rate 60.40 60.20 61.70 56.10 percent [+]


South Korea Minimum Hourly Wages
In South Korea, minimum wage refers to the lowest gross wage per hour, regardless employment status or nationality. There are some exceptions to this rule: businesses that only employ family members or relatives living in the same residence; domestic service users; seamen who are governed by the seamen act and the ship owners who employ those seamen.