Learn about the average salary in South Korea thanks to Horizons’ up-to-date guide.
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SALARY PAYMENT IN South Korean Won (KRW, ₩)
CONTRACT LANGUAGES Korean / English
PAYROLL TAX 16.43% – 34.94%
PAYROLL CYCLE Monthly
TIME TO HIRE24 hours Get Started
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What is the average salary in South Korea?
The average salary in South Korea is KRW 47,145,828 per year.
What is the average salary in Seoul?
KRW 52,319,400 per year.
As you can see, the average salary in South Korea’s capital city, Seoul, is higher than the country’s average salary. The average salary in Seoul is also higher than in all other major South Korean cities.
Are there regional variations in the South Korea average wage?
As with other economically developed countries, there are regional variations in average salaries across South Korea. The variation in average salaries is primarily seen when comparing cities to rural areas.
How does the average salary in South Korea compare to surrounding countries?
In comparison to the surrounding countries, South Korea’s average salary of KRW 47,145,828 is higher than the average salary in both Japan and China:
South Korea: KRW 47,145,828 ≈$35,731
Japan: JPY 4,420,000 ≈$32,296
China (Beijing): CNY 106,837 ≈$15,339
Average salary in South Korea based on Industry
Figures based on data from Paylab.
What is the median income for tech workers in South Korea?
The average gross salary for IT Managers in South Korea is between KRW 4,600,000 and KRW 16,000,000 per month.
What is the median income for engineers in South Korea?
Engineers in South Korea earn an average gross salary of between KRW 53,000,000 and KRW 94,000,000 per year.
What is the median income for salespeople in South Korea?
Sales Directors (management level) in South Korea earn an average base salary of between KRW 4,000,000 and KRW 18,000,000 per month.
What is the median income for my industry in South Korea?
For an in-depth analysis of your industry including up-to-date, expert advice on hiring employees in South Korea, contact us for a free consultation on your hiring project.
Hiring in South Korea, Made Easy
Your business can easily hire employees in South Korea without opening a local entity. We handle local employment law, complex tax regulations, and international payroll in 180+ countries worldwide. All you need to do is focus on your business.
There are two options for you to hire employees in South Korea if your budget is lower than the average salary or your candidates’ expectations.
Option 1: Increase the budget. This may not always be possible; however, if there is room to increase the budget or if waiting to hire is not an option, you will often find suitable candidates by increasing the budget to the minimum amount requested by the suitable candidates in your pipeline.
Option 2: Expand your search to include less expensive labor markets If the role you are searching for is not required to be based in South Korea, you may be able to find skilled candidates for less in other markets, for example the Philippines or China.
Horizons supports 180+ countries worldwide and provides expert recruitment services as an add-on to our hiring solutions.
The lowest average salary in South Korea is in Jeju province. The lower wages in Jeju are largely due to the fact that the province is largely rural with no major economic activity taking place.
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What is a good salary in Korea? A good salary in Korea varies by industry and experience. However, considering the average and median salaries, an amount above 4,000,000 KRW per month would be considered good in most sectors.
According to a study by the Korea Labor Institute, wealthy income earners in Korea earn 120 million won a year. Those who are extremely wealthy - or who have earnings in the top 0.1 percent - make an average 360 million won annually. The average income of the top 5 percent is 68.4 million won.
Cost Of Living In South Korea Vs. The USA. The average cost of living in South Korea is much lower than the average cost of living in the United States. The biggest savings are found in the price of monthly rent for apartment units in both the suburbs and downtown locations.
Statistics Korea defines the middle class as a population with an income between 50% and 150% of the median income. According to this criteria, its proportion has experienced a modest increase over the past decade based on market income that encompasses both labor and capital income.
The average salary in South Korea is around 3,900,000 KRW (South Korean Won) or USD 2900 per month (as per the exchange rate in May 2024). In this article, we'll dive into all the key statistics around the average salary in South Korea, the median salary, minimum wage, and annual increment rate.
As of November 2023, the mean purchase price of housing in Seoul, South Korea amounted to around 819 million South Korean won. The average price of apartments amounted to around 1.05 billion South Korean won while the price of row houses was about 341 million South Korean won.
Threshold to be considered wealthy South Korea 2016-2021
According to a survey conducted among male and female adults in South Korea in 2021, the net wealth required to be considered wealthy was about 4.9 trillion South Korean won, a slight increase from the previous year.
According to Rep. Kim Hoi-jae from the main opposition Democratic Party of Korea on Monday, the top 1 percent of income earners numbered 199,591 in 2021, and they earned at least 320 million won ($236,581) on average that year. The wage earners' data was submitted by the National Tax Service to the lawmaker.
SEOUL – Recent government data revealing that South Korean doctors — except junior doctors — now rake in an annual salary of 301 million won ($220,029), nearly five times higher than the country's average annual salary of 42.14 million won, has rekindled the debate on whether doctors are making too much.
The answer is that the country does not have a specific retirement visa for foreigners. However, individuals may find other ways to qualify for a long-term visa. Another common question asked pertaining to retirement is: how much money do you need to retire in South Korea?
In November 2023, the average price of apartment purchase in South Korea was around 5.54 million South Korean won per square meter. The apartment price was highest in Seoul with about 12.6 million South Korean won per square meter followed by Sejong with about 6.7 million South Korean won per square meter.
On average, the monthly rent for a one-bedroom apartment in the city center can range from $800 to $1,500, while outside the city center, it can be around $500 to $1,000.
In 2022, the annual nominal median household income in South Korea amounted to around 34.54 million South Korean won, showing a steady increase since 2013.
According to Rep. Kim Hoi-jae from the main opposition Democratic Party of Korea on Monday, the top 1 percent of income earners numbered 199,591 in 2021, and they earned at least 320 million won ($236,581) on average that year. The wage earners' data was submitted by the National Tax Service to the lawmaker.
As of the third quarter of 2023, the richest ten percent claimed to have a monthly income of around 14.3 million South Korean won. A comparison of the richest and poorest deciles showed that the richest earned about ten times that of the poorest in South Korea in a month.
To live comfortably in South Korea, especially in big cities like Seoul, you should aim for a monthly salary between 2.5 to 3 million Korean won (about 2,000 to 2,400 USD). This amount should cover your rent, utilities, groceries, transportation, and some extra spending.
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