The minimum wage in South Korea increased by 10.9 percent to KRW 8,350 per hour in 2019 from KRW 7,530 per hour in 2018.

Minimum Wages in South Korea averaged 3114.84 KRW/Hour from 1989 until 2019, reaching an all time high of 8350 KRW/Hour in 2019 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. source: Minimum Wage Council

Minimum Wages in South Korea is expected to be 8350.00 KRW/Hour by the end of this quarter, 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 11500.00 KRW/Hour in 2020, according to our econometric models.


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South Korea Minimum Hourly Wages

Actual Previous Highest Lowest Dates Unit Frequency
8350.00 7530.00 8350.00 600.00 1989 - 2019 KRW/Hour Yearly

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.

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 [+]