Name: South Korea Minimum Hourly Wages
Creator: TRADING ECONOMICS
License: https://creativecommons.org/licenses/by/4.0/
Keywords: South Korea,Minimum Wages,data,chart,actual,historical,values,calendar,forecast,graph,2023,2024,2025

Minimum Wages in South Korea remained unchanged at 9620 KRW/Hour in 2024 from 9620 KRW/Hour in 2023. Minimum Wages in South Korea averaged 3951.94 KRW/Hour from 1989 until 2024, reaching an all time high of 9620.00 KRW/Hour in 2023 and a record low of 600.00 KRW/Hour in 1989. source: Minimum Wage Council

Minimum Wages in South Korea is expected to reach 9620.00 KRW/Hour by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Minimum Hourly Wages is projected to trend around 101000.00 KRW/Hour in 2025 and 105000.00 KRW/Hour in 2026, according to our econometric models.

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Related	Last	Previous	Unit	Reference
Employed Persons	28396.00	28043.00	Thousand	Mar 2024
Employment Change	1.19	1.39	Percent	Feb 2024
Employment Rate	69.10	61.60	percent	Mar 2024
Labor Force Participation Rate	63.60	63.30	percent	Feb 2024
Minimum Wages	9620.00	9620.00	KRW/Hour	Dec 2024
Population	51.71	51.67	Million	Dec 2023
Productivity	112.60	107.50	points	Dec 2023
Retirement Age Men	60.00	60.00	Years	Dec 2024
Retirement Age Women	60.00	60.00	Years	Dec 2024
Unemployed Persons	774.00	889.00	Thousand	Feb 2024
Unemployment Rate	2.80	2.60	percent	Mar 2024
Wages	4339782.00	4370539.00	KRW/Month	Dec 2023
Wages in Manufacturing	4888110.00	4864706.00	KRW/Month	Dec 2023
Youth Unemployment Rate	6.40	6.30	percent	Mar 2024

South Korea Minimum Hourly Wages

In South Korea, minimum wage refers to the lowest gross wage per hour, regardless employment status or nationality. There are some exceptions to this rule: businesses that only employ family members or relatives living in the same residence; domestic service users; seamen who are governed by the seamen act and the ship owners who employ those seamen.