South Korea  Minimum Wage, Labor Law, and Employment Data Sheet South Korea Minimum Wage Rate 2024

Appx. Yearly Minimum Wage
$10,955.00 USD
Rank by Min. Wage
17 / 197
Gross National Product
$320,749.00 USD

South Korea has a government-mandated minimum wage, and no worker in South Korea can be paid less then this mandatory minimum rate of pay. Employers in South Korea who fail to pay the Minimum Wage may be subject to punishment by South Korea's government.

What is the South Korea Minimum Wage?

South Korea's Minimum Wage is the lowest amount a worker can be legally paid for his work. Most countries have a nation-wide minimum wage that all workers must be paid.

South Korea's minimum wage is 6,470 South Korean won per hour; this minimum wage rate is reviewed annually for possible change. South Korea's minimum wage was last changed in 1-Jan-2017.

How does South Korea's minimum wage compare to the minimum wage in other countries?

South Korea's yearly minimum wage is $10,955.00 in International Currency. International Currency is a measure of currency based on the value of the United States dollar in 2009. There are 17 countries with a higher Minimum Wage then South Korea, and South Korea is in the top 9 percent of all countries based on the yearly minimum wage rate.

Facts and statistics about South Korea

South Korea is a country located in the Eastern Asia region with a population of 46,844,000 and an average life span of 74.4 years.

Local Name Taehan Min’guk (Namhan)
Gross National Product $320,749.00
Government Type Republic
Current Leader Kim Dae-jung
Independence Year 1948
Continent & Region Asia, Eastern Asia
Surface Area 99,434 square kilometers
ISO 3166 Country Code KR

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