In 2023, the average annual wage in South Korea fell to 47,715 U.S. dollars after adjusting for purchasing power parity (PPP). The average salary in South Korea showed a general trend of positive growth within the given period. The monthly wage was projected to reach over 5,400 U.S. dollars in 2040, the highest value among the surveyed countries. Work-life balance South Korea has some of the longest working hours in the world. Although working hours in the country have decreased over the past decade and measures such as flexible working hours have been implemented to promote a better work-life balance, South Korea still ranks among the top five countries with the longest working hours in the Organization for Economic Cooperation and Development (OECD) as of 2022. Many South Koreans tend to prefer working for a company that offers a good work-life balance rather than a company that offers a higher salary. This preference is especially strong among parents. Women in the job market While the employment rate of South Korean women has risen steadily over the past decade, the gender pay gap still exists. On average, female workers earned about 65 percent of their male equivalents’ income in 2022. The average monthly salary in South Korea was around 4.13 million South Korean won for men and about 2.68 million won for women that year.

In 2023, the average salary of South Korean employees, which includes fixed salary and overtime pay, amounted to around 3.27 million South Korean won, a slight increase from the previous year. Average salary levels in South Korea have risen steadily over the past decade. Working conditions in South Korea The working conditions in South Korea have also generally improved in recent years. For example, the average monthly working hours of employees work has steadily declined. At the same time, more and more wage and salary workers have taken advantage of flexible work arrangements such as flextime or working from home. However, there is still room for improvement in some areas – working hours are still very long compared with the international average, and working from home is not as widespread in small and medium-sized enterprises as in large companies. Working from home Between 2019 and 2023, there was a significant increase in the number of employees working from home, with the figure rising more than sevenfold. This surge was primarily driven by the COVID-19 pandemic. However, as the pandemic gradually subsided and restrictions eased, there has been a decline in the number of individuals working remotely.

In 2022, the average monthly salary of a male employee in South Korea was about 4.14 million South Korean won, with men in their fifties earning the highest average wage of all age groups. This was closely followed by employees in their forties.

In 2023, the average monthly salary of a male employee in South Korea was around 4.26 million South Korean won. A female employee earned around 2.78 million won, significantly less than a male employee. This disparity highlights a significant gender pay gap in the country.

In 2024, the average monthly salary of regular employees in South Korea's capital, Seoul, amounted to about four million South Korean won, down from about 4.17 million won in the previous year. This put Seoul's salary level significantly above the national average.

In 2023, employees in managerial positions in South Korea received the highest salaries of all occupational groups, with an average salary of around 10.4 million South Korean won per month. Professionals followed in second place with a salary of about four million won.

In 2023, the annual nominal median household income in South Korea amounted to around 37.57 million South Korean won, showing a steady increase over the past few years. The median household income is an indicator of the income level of the household unit and shows the living standard of the median household.

In 2024, a member of the National Assembly of South Korea received a salary of approximately 157 million South Korean won, which was a 1.7 percent increase compared to the previous year. The annual salary of members of the National Assembly has been steadily increasing over the past few years.

In 2022, the average monthly income for employees in South Korea who had worked for more than 20 years was 8.15 million South Korean won. The average income stood at about 3.53 million won.

In 2022, the average monthly salary of a female employee in South Korea was about 2.71 million South Korean won. Women in their thirties and forties earned the highest on average, at around 3.35 million won. The average salary of South Korean women was far below that of men.

In 2022, the average monthly salaries of employees working for large companies in South Korea who had spent 20 years or more there amounted to around 10.1 million South Korean won. The average monthly salary increases with the length of employment and rose among all categories compared to the year before.

In 2022, the average annual salary for an employee working at a public institution in South Korea was approximately 70.4 million South Korean won. Salary levels steadily rose for such employees in the past years.

In 2020, the average annual salary of employees of KB Kookmin Bank amounted to around 104 million South Korean won. Employees of Hana, Shinhan and Woori Bank earned an average of 97, 96 and 95 million South Korean won respectively that year.

In 2025, the minimum wage in South Korea stood at 10,030 South Korean won per hour. This was a slight increase compared to the previous year. In response to a rising concern over low wages, the South Korean government implemented the minimum wage in 1988.Raising the minimum wageThe issue of raising the minimum wage has consistently been a focal point of public debate, especially during presidential election cycles. In 2017, Moon Jae-in, the then-candidate for the presidency, committed to raising the minimum wage to at least 10,000 South Korean won by 2020. This proposal generated significant controversy and sparked a heated discussion among various political groups.Impact on small and medium-sized businessesThe proposed increase in the minimum wage also faced strong opposition from small and medium-sized enterprises (SMEs). Business owners within this sector expressed concerns about their ability to absorb the costs associated with higher wages. Many argued that any increase in labor costs would further strain their financial stability.

In 2019, the annual salary of finance analysts in South Korea was from 50 million to 70 million South Korean won. This was the same range as in the previous year. However, the annual salary of finance analysts in the next year is expected to increase to a range of 60 to 80 million won.

The minimum wage in South Korea jumped by 16.4 percent between 2017 and 2018 to reach 7,530 South Korean won per hour. In 2019, the minimum wage increased further to 8,350 won per hour. The repercussions of this move will have both positive and negative economic consequences, with some arguing unemployment will increase as smaller merchants become unable to pay their employees.

South Korea’s workforce

South Korea’s workforce is heavily dependent on the services sector, with over 70 percent employed in this economic sector in 2017. The economic contribution from this sector to the gross domestic product (GDP) of the country was over 50 percent in the same year. The industry sector also employed a large share of the workforce in the country, and around 36 percent of the GDP was attributed to production in this sector.

Economic pressure

In 2019, the unemployment rate in the country peaked at 4.4 percent – the highest percentage since 2010. In particular, the retailing, manufacturing and construction sectors felt the brunt of the minimum wage increase, as employers became reluctant to hire low-paid workers. Along with other economic pressures, the weakened labor market looks set to drive future policy changes within the country.

In 2022, the average monthly salaries of employees in their forties and fifties working in non-profit enterprises in South Korea stood at around 4.4 million South Korean won each, the highest across all age groups. This was followed by those in their thirties, at about 3.8 million won.

According to a survey conducted in South Korea in 2021 among office workers, about 63.6 percent of respondents in their thirties believed that salaries should be increased every year, regardless of the company's situation. Employees at older ages were less likely to hold this view.

This statistic displays the average annual wage of employees working for the five major automobile companies in South Korea from 2005 to 2016. In 2016, the average salary per year of the automobile industry in South Korea amounted to approximately 92.13 million South Korean won.

In 2018, the annual salary of gameplay engineers in South Korea was from 40 million to 85 million South Korean won. In the next year, the annual salary of gameplay engineers is expected to amount from 45 million to 90 million South Korean won.