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 the first quarter of 2024, the average monthly income of South Korean households amounted to about 5.12 million South Korean won, up from about 5.02 million South Korean won in the same quarter of the previous year. Following the outbreak of the COVID-19 pandemic, household income dropped 0.7 percent year year-on-year in the second quarter of 2021, but recovered by the end of 2021.

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.

South Korea HIES: AS: Monthly Average Income (AMI): Nominal data was reported at 6,969,400.947 KRW in Dec 2024. This records a decrease from the previous number of 7,256,445.774 KRW for Sep 2024. South Korea HIES: AS: Monthly Average Income (AMI): Nominal data is updated quarterly, averaging 6,305,739.633 KRW from Mar 2019 (Median) to Dec 2024, with 24 observations. The data reached an all-time high of 7,288,781.579 KRW in Mar 2023 and a record low of 5,561,546.398 KRW in Dec 2019. South Korea HIES: AS: Monthly Average Income (AMI): Nominal data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s South Korea – Table KR.H081: 2019 Household Income and Expenditure Survey: 2 or more Members: Salary and Wage Earner HH: Nominal.

Korea Average: AH: 30~39: Net Worth data was reported at 217,690.000 KRW th in 2017. This records an increase from the previous number of 198,530.000 KRW th for 2016. Korea Average: AH: 30~39: Net Worth data is updated yearly, averaging 181,560.000 KRW th from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 217,690.000 KRW th in 2017 and a record low of 157,160.000 KRW th in 2010. Korea Average: AH: 30~39: Net Worth data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s South Korea – Table KR.H078: SHFLC: Household Assets, Liabilities & Income By Age Groups of Households Head (10Age).

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.

Korea Average: AH: 50~59: Savings data was reported at 96,310.000 KRW th in 2017. This records an increase from the previous number of 93,890.000 KRW th for 2016. Korea Average: AH: 50~59: Savings data is updated yearly, averaging 91,710.000 KRW th from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 96,310.000 KRW th in 2017 and a record low of 55,180.000 KRW th in 2010. Korea Average: AH: 50~59: Savings data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s Korea – Table KR.H078: SHFLC: Household Assets, Liabilities & Income By Age Groups of Households Head (10Age).

South Korea HS: UW: 4 Quintile: Average Age of Household Head data was reported at 46.090 Year in 2017. South Korea HS: UW: 4 Quintile: Average Age of Household Head data is updated yearly, averaging 46.090 Year from Dec 2017 (Median) to 2017, with 1 observations. South Korea HS: UW: 4 Quintile: Average Age of Household Head data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s South Korea – Table KR.H063: Household Income and Expenditure Survey (HS): by Income Quintile: Urban Salary and Wage Earner.

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.

South Korea HS: UW: 5 Quintile: Average Monthly Expenditure (AME) data was reported at 6,651,179.000 KRW in 2017. South Korea HS: UW: 5 Quintile: Average Monthly Expenditure (AME) data is updated yearly, averaging 6,651,179.000 KRW from Dec 2017 (Median) to 2017, with 1 observations. South Korea HS: UW: 5 Quintile: Average Monthly Expenditure (AME) data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s South Korea – Table KR.H063: Household Income and Expenditure Survey (HS): by Income Quintile: Urban Salary and Wage Earner.

Average: AH: 50~59: Disposable Income data was reported at 52,060.000 KRW th in 2017. This records an increase from the previous number of 49,840.000 KRW th for 2016. Average: AH: 50~59: Disposable Income data is updated yearly, averaging 46,155.000 KRW th from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 52,060.000 KRW th in 2017 and a record low of 37,240.000 KRW th in 2010. Average: AH: 50~59: Disposable Income data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s Korea – Table KR.H078: SHFLC: Household Assets, Liabilities & Income By Age Groups of Households Head (10Age).

In 2023, the average annual income of farm households in South Korea stood at around 50.8 million South Korean won. This was an increase from the previous year.

Korea HS: AS: 1 Quintile: Average Age of Household Head data was reported at 54.400 Year in Sep 2018. This records an increase from the previous number of 53.800 Year for Jun 2018. Korea HS: AS: 1 Quintile: Average Age of Household Head data is updated quarterly, averaging 48.880 Year from Mar 2003 (Median) to Sep 2018, with 63 observations. The data reached an all-time high of 55.360 Year in Dec 2017 and a record low of 43.890 Year in Jun 2003. Korea HS: AS: 1 Quintile: Average Age of Household Head data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s South Korea – Table KR.H062: Household Income and Expenditure Survey (HS): by Income Quintile: All Salary and Wage Earner.

South Korea HS: OU: 1 Quintile: Average Monthly Expenditure (AME) data was reported at 1,307,986.000 KRW in 2017. South Korea HS: OU: 1 Quintile: Average Monthly Expenditure (AME) data is updated yearly, averaging 1,307,986.000 KRW from Dec 2017 (Median) to 2017, with 1 observations. South Korea HS: OU: 1 Quintile: Average Monthly Expenditure (AME) data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s South Korea – Table KR.H065: Household Income and Expenditure Survey (HS): by Income Quintile: Other Urban Household.

In 2022, South Korea's per capita disposable income amounted to around 21.82 million South Korean won, up from about 21.47 million South Korean won in the previous year. Per capita net disposable income in South Korea has risen steadily in recent years.

Korea HS: SW: Average Age of Household Head data was reported at 48.790 Year in Jun 2018. This records an increase from the previous number of 48.270 Year for Mar 2018. Korea HS: SW: Average Age of Household Head data is updated quarterly, averaging 42.740 Year from Mar 1990 (Median) to Jun 2018, with 114 observations. The data reached an all-time high of 48.820 Year in Dec 2017 and a record low of 37.110 Year in Mar 1990. Korea HS: SW: Average Age of Household Head data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s Korea – Table KR.H048: Household Income and Expenditure Survey (HS): Urban Salary and Wage Earner: Nominal.

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 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.

South Korea HS: AS: 3 Quintile: Average Monthly Expenditure (AME) data was reported at 3,498,258.000 KRW in 2017. South Korea HS: AS: 3 Quintile: Average Monthly Expenditure (AME) data is updated yearly, averaging 3,498,258.000 KRW from Dec 2017 (Median) to 2017, with 1 observations. South Korea HS: AS: 3 Quintile: Average Monthly Expenditure (AME) data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s South Korea – Table KR.H062: Household Income and Expenditure Survey (HS): by Income Quintile: All Salary and Wage Earner.

Korea HS: AS: 3 Quintile: Average Age of Household Head data was reported at 46.490 Year in Mar 2018. This records an increase from the previous number of 45.860 Year for Dec 2017. Korea HS: AS: 3 Quintile: Average Age of Household Head data is updated quarterly, averaging 43.290 Year from Mar 2003 (Median) to Mar 2018, with 61 observations. The data reached an all-time high of 46.770 Year in Jun 2017 and a record low of 40.410 Year in Jun 2003. Korea HS: AS: 3 Quintile: Average Age of Household Head data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s Korea – Table KR.H062: Household Income and Expenditure Survey (HS): by Income Quintile: All Salary and Wage Earner.