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.

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.

South Korea Minimum Hourly Wages
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South Korea Labour Last Previous Highest Lowest Unit
Unemployment Rate 4.00 4.00 7.10 3.00 percent [+]
Employed Persons 27082.00 27037.00 27088.00 20268.00 Thousand [+]
Unemployed Persons 1127.00 1134.00 1546.00 691.00 Thousand [+]
Labor Force Participation Rate 64.20 64.00 64.20 48.50 percent [+]
Productivity 111.50 112.10 112.10 53.50 Index Points [+]
Labour Costs 103.10 106.80 125.40 69.00 Index Points [+]
Wages 4021244.00 3677034.00 4021244.00 2460239.00 KRW/Month [+]
Wages in Manufacturing 4654149.00 4103690.00 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 10.50 10.10 13.40 3.80 percent [+]
Employment Rate 61.50 60.80 61.60 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. This page provides - South Korea Minimum Wages- actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea Minimum Hourly Wages - actual data, historical chart and calendar of releases - was last updated on July of 2019.

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




Country Last Previous
Argentina 12500.00 Jun/19
Australia 740.80 Jul/19
Brazil 998.00 Jul/19
Canada 14.00 Dec/19
China 2480.00 Apr/19
France 1521.22 Dec/19
Germany 9.19 Jan/19
India 176.00 Dec/17
Indonesia 3.94 Jan/19
Japan 874.00 Oct/18
Mexico 102.68 Jun/19
Netherlands 1635.60 Dec/19
Russia 11163.00 May/18
South Korea 8350.00 Dec/19
Spain 1050.00 Jun/19
Turkey 2558.40 Dec/19
United Kingdom 8.21 Apr/19
United States 7.25 Dec/19


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