Monthly minimum wage, annual growth rate in South Korea
South Korea: Monthly minimum wage, annual growth rate was 2.49 % change on previous year in 2024. ◆ Volatile
Monthly minimum wage, annual growth rate in South Korea, 1996–2024
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
In 2024, monthly minimum wage, annual growth rate in South Korea stood at 2.49 % change on previous year.
That represents a change of down 50.3% on the previous year and down 65.4% over ten years.
Over the whole period, monthly minimum wage, annual growth rate in South Korea peaked at 16.56 % change on previous year in 2001 and was at its lowest, -2.8 % change on previous year, in 2011.
South Korea ranks 89th of 168 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Monthly minimum wage, annual growth rate in South Korea, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 1996 | 8.97 % change on previous year | — |
| 1997 | 9.8 % change on previous year | +9.2% |
| 1998 | 6.07 % change on previous year | -38.1% |
| 1999 | 2.69 % change on previous year | -55.6% |
| 2000 | 4.92 % change on previous year | +82.6% |
| 2001 | 16.56 % change on previous year | +236.8% |
| 2002 | 12.6 % change on previous year | -23.9% |
| 2003 | 8.33 % change on previous year | -33.9% |
| 2004 | 10.33 % change on previous year | +24.0% |
| 2005 | 13.15 % change on previous year | +27.3% |
| 2006 | 9.15 % change on previous year | -30.4% |
| 2007 | 12.26 % change on previous year | +33.9% |
| 2008 | 8.33 % change on previous year | -32.0% |
| 2009 | 6.1 % change on previous year | -26.8% |
| 2010 | 2.75 % change on previous year | -54.9% |
| 2011 | -2.8 % change on previous year | -201.7% |
| 2012 | 6.02 % change on previous year | -315.2% |
| 2013 | 6.11 % change on previous year | +1.6% |
| 2014 | 7.2 % change on previous year | +17.8% |
| 2015 | 7.1 % change on previous year | -1.4% |
| 2016 | 8.06 % change on previous year | +13.6% |
| 2017 | 7.3 % change on previous year | -9.5% |
| 2018 | 16.38 % change on previous year | +124.5% |
| 2019 | 10.89 % change on previous year | -33.5% |
| 2020 | 2.87 % change on previous year | -73.6% |
| 2021 | 1.51 % change on previous year | -47.3% |
| 2022 | 5.05 % change on previous year | +233.4% |
| 2023 | 5.02 % change on previous year | -0.5% |
| 2024 | 2.49 % change on previous year | -50.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 6.89 % change on previous year | 2.69 % change on previous year | 9.8 % change on previous year | 4 |
| 2000s | 10.17 % change on previous year | 4.92 % change on previous year | 16.56 % change on previous year | 10 |
| 2010s | 6.9 % change on previous year | -2.8 % change on previous year | 16.38 % change on previous year | 10 |
| 2020s | 3.39 % change on previous year | 1.51 % change on previous year | 5.05 % change on previous year | 5 |
Countries ranked near South Korea
- 86 Poland 3 % change on previous year compare
- 87 Thailand 2.9 % change on previous year compare
- 88 Jersey 2.8 % change on previous year compare
- 90 Luxembourg 2.48 % change on previous year compare
- 91 New Zealand 1.98 % change on previous year compare
- 92 Costa Rica 1.83 % change on previous year compare
More work & labour data for South Korea
- Persons outside the labour force (ILO modelled estimates) 16,840 (2027)
- Labour force participation rate (ILO modelled estimates) 63.91 (2027)
- Labour force (ILO modelled estimates) 29,824 (2027)
- Employment-to-population ratio (ILO modelled estimates) 62.02 (2027)
- Persons outside the labour force (ILO modelled estimates) (15+) 0.9719 % change on previous year (2027)
- Labour force (ILO modelled estimates) (15+), annual growth rate -0.1065 % change on previous year (2027)
- Legislation on sexual harassment in employment 1 (2023)
- Criminal penalties or civil remedies sexual harassment in employment 1 (2023)
- Women can take the same jobs as men 1 (2023)
- Labor force participation rate, total (% of total population ages 15+) 64.4% (2025)
Frequently asked questions
- What is monthly minimum wage, annual growth rate in South Korea?
- Monthly minimum wage, annual growth rate in South Korea was 2.49 % change on previous year in 2024, according to Statizoid (derived).
- What is the highest monthly minimum wage, annual growth rate recorded in South Korea?
- The highest recorded value was 16.56 % change on previous year in 2001.
- What is the lowest monthly minimum wage, annual growth rate recorded in South Korea?
- The lowest recorded value was -2.8 % change on previous year in 2011.
- How does South Korea rank for monthly minimum wage, annual growth rate?
- South Korea ranks 89th out of 168 countries with data for 2024.
- Is monthly minimum wage, annual growth rate rising or falling in South Korea?
- Over the last ten years it is down 65.4%. The long-run trend across the full record is volatile.
- Where does this South Korea data come from?
- The figures come from Statizoid (derived), published as part of Monthly minimum wage, annual growth rate. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 29 observations, free to reuse under Derived by Statizoid from the sources named on the page.
How this figure is calculated
The year-on-year percentage change in Monthly minimum wage. Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.
Computed from
- Monthly minimum wage International Labour Organization
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
The year-on-year percentage change in Monthly minimum wage. Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.