Minimum Wages in South Korea increased to 8720 KRW/Hour in 2021 from 8590 KRW/Hour in 2020. source: Minimum Wage Council

Minimum Wages in South Korea averaged 3450.61 KRW/Hour from 1989 until 2021, reaching an all time high of 8720 KRW/Hour in 2021 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 May of 2021.

Minimum Wages in South Korea is expected to reach 8720.00 KRW/Hour by the end of 2021, 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 2022 and 9400.00 KRW/Hour in 2023, according to our econometric models.

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South Korea Minimum Hourly Wages

Actual Previous Highest Lowest Dates Unit Frequency
8720.00 8590.00 8720.00 600.00 1989 - 2021 KRW/Hour Yearly

South Korea Labour Last Previous Highest Lowest Unit
Unemployment Rate 3.90 4.00 7.10 3.00 percent [+]
Employed Persons 27145.00 27017.00 27508.00 20268.00 Thousand [+]
Unemployed Persons 1095.00 1127.00 1546.00 695.00 Thousand [+]
Labor Force Participation Rate 62.50 61.60 64.20 48.50 percent [+]
Labour Costs 103.80 109.30 129.90 69.00 points [+]
Productivity 119.40 113.50 119.40 53.50 points [+]
Wages 3868678.00 3895894.00 4021244.00 2460239.00 KRW/Month [+]
Wages in Manufacturing 4248573.00 4232213.00 4654149.00 2520139.00 KRW/Month [+]
Minimum Wages 8720.00 8590.00 8720.00 600.00 KRW/Hour [+]
Population 51.78 51.71 51.78 25.01 Million [+]
Retirement Age Women 62.00 60.00 62.00 55.00 [+]
Retirement Age Men 62.00 60.00 62.00 55.00 [+]
Employment Rate 59.80 58.60 61.70 56.10 percent [+]
Youth Unemployment Rate 10.00 10.00 13.40 3.80 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.