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, measures such as flexible working hours have been implemented to promote a better work-life balance. Nevertheless, South Korea still ranks among the top five countries with the longest working hours in the Organization for Economic Cooperation and Development (OECD). 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 increased steadily over the past decade, the gender pay gap persists. On average, female workers earned about 65 percent of their male counterparts’ income. The average monthly salary in South Korea was around 4.26 million South Korean won for men and about 2.78 million won for women that year.

Key information about South Korea Household Income per Capita

• South Korea Annual Household Income per Capita reached 19,208.928 USD in Dec 2024, compared with the previous value of 19,230.954 USD in Dec 2023.
• South Korea Annual Household Income per Capita data is updated yearly, available from Dec 2003 to Dec 2024, with an averaged value of 14,290.376 USD.
• The data reached an all-time high of 19,230.954 USD in Dec 2023 and a record low of 7,685.194 USD in Dec 2003.
• In the latest reports, Retail Sales of South Korea dropped 0.473 % YoY in May 2023.

CEIC calculates Annual Household Income per Capita from quarterly Monthly Household Income multiplied by 3 and quarterly Average Household Size and converts it into USD. Statistics Korea provides Household Income in local currency and Average Household Size. Federal Reserve Board average market exchange rate is used for currency conversions. Household Income excludes single person and farm households. Household Income per Capita prior to 2019 is based on old methodology.

In 2023, the median household disposable income in South Korea amounted to around ***** million South Korean won, showing a steady increase over the past few years. The median disposable income of South Korean households has steadily increased over the past few years.

Key information about South Korea Monthly Earnings

• South Korea Monthly Earnings stood at 3,200 USD in Dec 2024, compared with the previous figure of 2,724 USD in Nov 2024
• South Korea Monthly Earnings data is updated monthly, available from Jan 2008 to Dec 2024, with an average number of 2,747 USD
• The data reached the an all-time high of 3,948 USD in Jan 2022 and a record low of 1,673 USD in Nov 2008

CEIC converts Monthly Earnings into USD. The Ministry of Labour provides Average Monthly Earnings in local currency. Federal Reserve Board average market exchange rate is used for currency conversions. Monthly Earnings exclude Agriculture, Fisheries and Forestry sectors. Monthly Earnings prior to January 2020 cover businesses with 1 or more employees and are based on the 9th Korean Standard Industry Clasification (KSIC). Monthly Earnings prior to January 2011 cover businesses with 5 or more employees and are based on the 9th Korean Standard Industry Clasification (KSIC).


Further information about South Korea Monthly Earnings

• In the latest reports, South Korea Population reached 52 million people in Dec 2024
• Unemployment Rate of South Korea dropped to 3 % in Jan 2025
• The country's Labour Force Participation Rate dropped to 63 % in Jan 2025

In 2024, the average salary of South Korean employees, which includes fixed salary and overtime pay, amounted to around **** 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 have steadily declined. At the same time, an increasing number of 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 to 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, the number of employees working from home increased significantly, rising more than sevenfold. This surge was primarily driven by the COVID-19 pandemic. However, as the pandemic gradually subsided and restrictions eased, the number of individuals working remotely has declined.

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

Wages in South Korea increased to 4830873 KRW/Month in the first quarter of 2025 from 4491305 KRW/Month in the fourth quarter of 2024. This dataset provides - South Korea Total Wages - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

In 2023, the average monthly salary of a male employee in South Korea was about **** million South Korean won, with men in their fifties earning the highest average wage of all age groups at about **** million won. This was closely followed by employees in their forties, who earned an average of **** million won.

The Gross Domestic Product per capita in South Korea was last recorded at 34121.02 US dollars in 2023. The GDP per Capita in South Korea is equivalent to 270 percent of the world's average. This dataset provides - South Korea GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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

Wages in Manufacturing in South Korea increased to 5582097 KRW/Month in the first quarter of 2025 from 5150250 KRW/Month in the fourth quarter of 2024. This dataset provides - South Korea Total Monthly Wages in Manufacturing - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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).

Korea Average: AH: More Than 60: Savings data was reported at 62,030.000 KRW th in 2017. This records an increase from the previous number of 56,080.000 KRW th for 2016. Korea Average: AH: More Than 60: Savings data is updated yearly, averaging 50,340.000 KRW th from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 62,030.000 KRW th in 2017 and a record low of 32,540.000 KRW th in 2010. Korea Average: AH: More Than 60: 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).

Korea Average: AH: All Household: Savings data was reported at 72,830,000.000 KRW in 2017. This records an increase from the previous number of 69,420,000.000 KRW for 2016. Korea Average: AH: All Household: Savings data is updated yearly, averaging 65,700,000.000 KRW from Mar 2010 (Median) to 2017, with 8 observations. The data reached an all-time high of 72,830,000.000 KRW in 2017 and a record low of 41,430,000.000 KRW in 2010. Korea Average: AH: All Household: Savings data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s Korea – Table KR.H084: SHFLC: Household Assets, Liabilities & Income By Income Quintiles.

In 2023, the average monthly income for employees in South Korea who had worked for more than 20 years was about **** million South Korean won. The average income of all employees stood at about **** million won that year.

South Korea's Occupational Wage Survey (OWS) is an annual business establishment survey conducted since 1970 by South Korea's Ministry of Labor. The dataset contains detailed information on individual workers' earnings, hours worked, educational attainment, actual labor market experience, occupation, industry, and region. The surveyed establishments must employ at least ten workers and were selected by a stratified random sampling method. Because they exclude workers in small enterprises, the self-employed, family workers, temporary workers, and public sector workers, the surveys represent approximately one-half of South Korea's total nonagricultural labor force. The samples for each year are randomly drawn from the original surveys. The surveys cover all industries up through 1986. After 1986, agriculture, forestry, hunting, and fishing are excluded. This change in sampling procedure does not appear to cause a significant change in the types of nonfarm enterprises covered by the survey.

South Korea Wage Rate data was reported at 50,650,145.667 KRW in 2026. This records an increase from the previous number of 48,290,160.483 KRW for 2025. South Korea Wage Rate data is updated yearly, averaging 16,506,363.772 KRW from Dec 1970 (Median) to 2026, with 57 observations. The data reached an all-time high of 50,650,145.667 KRW in 2026 and a record low of 234,586.485 KRW in 1970. South Korea Wage Rate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s South Korea – Table KR.OECD.EO: Hours Worked, Unit Labour Cost and Labour Compensation: Forecast: OECD Member: Annual. WRT - Wage rate, total economy

South Korea HS: AS: 1 Quintile: Average Monthly Expenditure (AME) data was reported at 1,787,205.000 KRW in 2017. South Korea HS: AS: 1 Quintile: Average Monthly Expenditure (AME) data is updated yearly, averaging 1,787,205.000 KRW from Dec 2017 (Median) to 2017, with 1 observations. South Korea HS: AS: 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.H062: Household Income and Expenditure Survey (HS): by Income Quintile: All Salary and Wage Earner.

South Korea HS: OU: 4 Quintile: Average Monthly Expenditure (AME) data was reported at 3,734,080.000 KRW in 2017. South Korea HS: OU: 4 Quintile: Average Monthly Expenditure (AME) data is updated yearly, averaging 3,734,080.000 KRW from Dec 2017 (Median) to 2017, with 1 observations. South Korea HS: OU: 4 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.