Monthly minimum wage in South Korea
South Korea: Monthly minimum wage was 2.06 million in 2024. ◆ Volatile
Monthly minimum wage in South Korea, 1995–2024
Source: International Labour Organization.
Analysis
The most recent figure for monthly minimum wage in South Korea is 2.06 million, measured in 2024. That is the highest value across all 30 years on record.
That represents a change of up 2.5% on the previous year and up 89.3% over ten years.
Over the whole period, monthly minimum wage in South Korea peaked at 2.06 million in 2024 and was at its lowest, 264,420, in 1995.
That places South Korea 6th out of 173 countries with data for 2024, putting it in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Monthly minimum wage in South Korea, year by year
| Year | Value | Change |
|---|---|---|
| 1995 | 264,420 | — |
| 1996 | 288,150 | +9.0% |
| 1997 | 316,400 | +9.8% |
| 1998 | 335,610 | +6.1% |
| 1999 | 344,650 | +2.7% |
| 2000 | 361,600 | +4.9% |
| 2001 | 421,490 | +16.6% |
| 2002 | 474,600 | +12.6% |
| 2003 | 514,150 | +8.3% |
| 2004 | 567,260 | +10.3% |
| 2005 | 641,840 | +13.1% |
| 2006 | 700,600 | +9.2% |
| 2007 | 786,480 | +12.3% |
| 2008 | 852,020 | +8.3% |
| 2009 | 904,000 | +6.1% |
| 2010 | 928,860 | +2.8% |
| 2011 | 902,880 | -2.8% |
| 2012 | 957,220 | +6.0% |
| 2013 | 1.02 million | +6.1% |
| 2014 | 1.09 million | +7.2% |
| 2015 | 1.17 million | +7.1% |
| 2016 | 1.26 million | +8.1% |
| 2017 | 1.35 million | +7.3% |
| 2018 | 1.57 million | +16.4% |
| 2019 | 1.75 million | +10.9% |
| 2020 | 1.80 million | +2.9% |
| 2021 | 1.82 million | +1.5% |
| 2022 | 1.91 million | +5.0% |
| 2023 | 2.01 million | +5.0% |
| 2024 | 2.06 million | +2.5% |
South Korea compared with similar countries
- South Korea's 2.06 million is above the median for high income countries, which is 1,867, 1103.8× the median. (55 countries reporting)
- South Korea's 2.06 million is above the median for East Asia & Pacific, which is 4,010, 514.0× the median. (25 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 309,846 | 264,420 | 344,650 | 5 |
| 2000s | 622,404 | 361,600 | 904,000 | 10 |
| 2010s | 1.20 million | 902,880 | 1.75 million | 10 |
| 2020s | 1.92 million | 1.80 million | 2.06 million | 5 |
Countries ranked near South Korea
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)
- Unemployment rate (ILO modelled estimates) 2.96 (2027)
- Labour dependency ratio 0.78 (2027)
- Output per worker, GDP constant 2021 international $ at PPP 97,052 (2027)
- Output per worker, GDP constant 2015 US $ 65,686 (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)
Frequently asked questions
- What is monthly minimum wage in South Korea?
- Monthly minimum wage in South Korea was 2.06 million in 2024, according to International Labour Organization.
- What is the highest monthly minimum wage recorded in South Korea?
- The highest recorded value was 2.06 million in 2024.
- What is the lowest monthly minimum wage recorded in South Korea?
- The lowest recorded value was 264,420 in 1995.
- How does South Korea rank for monthly minimum wage?
- South Korea ranks 6th out of 173 countries with data for 2024.
- Is monthly minimum wage rising or falling in South Korea?
- Over the last ten years it is up 89.3%. The long-run trend across the full record is volatile.
- Where does this South Korea data come from?
- The figures come from International Labour Organization, published as part of Monthly minimum wage. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 30 observations, free to reuse under ILO Terms of Use (attribution required).
About this data
Data refer to the minimum monthly earnings of all employees as of December 31st of each year. Minimum wages are not reported for countries for which collective bargaining is in place for minimum wages. In cases where a national minimum wage is not mandated, the minimum wage in place in the capital or major city is used. In some cases, an average of multiple regional minimum wages is used. In countries where the minimum wage is set at the sectoral level or occupational level, the minimum wage for manufacturing or unskilled workers is generally applied. Data are converted to U.S. dollars as the common currency, using exchange rates or purchasing power parity (PPP) rates rates for private consumption expenditures. The latter series allows for international comparisons by taking account of the differences in relative prices between countries. For more information, refer to the Wages and Working Time Statistics (COND) database description.