Average Salary in South Korea 2024

Unlocking the Secrets of Salary in South Korea: Delve into the ins and outs of the country's pay scale, revealing intriguing wage gaps, yearly increments, and a breakdown based on education level and years of experience. Gain valuable insights into how salaries evolve over time and the disparities faced by different demographics. Stay ahead of the curve with this comprehensive exploration, shedding light on the intricate world of wages in South Korea. Discover a wealth of information in this SEO-optimized article, a must-read for anyone seeking to navigate the country's salary landscape.
Please be aware that the data we are providing is as accurate as possible at this early stage of the year 2024.

However, as we gather more data for 2024, we make adjustments to ensure the highest level of precision.

What is the average salary in South Korea in 2024?

What is the average salary in South Korea in 2024?
37,000USD
(USD 3,100 monthly)
Low 16,700 USD
Average 37,000 USD
High 163,100 USD
The average salary in South Korea is typically USD 37,000 per year. However, salaries can vary greatly, ranging from USD 16,700 (lowest average) to USD 163,100 (highest average, actual maximum salary is higher). These figures include housing, transport, and other benefits. Different careers offer significantly diverse salary opportunities. If you wish to explore salaries for specific job titles, they are listed below.
In comparison with average salary in South Korea in 2023, salaries changed by +0.7% so far. Looking ahead, economists project a gradual recovery in the job market. The comprehensive comparison between 2023 and 2024 will be conducted at the year's end.

Pay Scale and Salaries in South Korea

Pay Scale Comparison and Salary Structure

Nearly everyone earns less than USD 163,100, 75% of the people earn USD 51,100 or less. 50% employees earn less USD 35,800 or less, 25% of the employees earn less than USD 26,900.Download chartGet chart linkShare on FacebookShare on Twitter

Salary Structure

Nearly everyone earns less than USD 163,100, 75% of the people earn USD 51,100 or less. 50% employees earn less USD 35,800 or less, 25% of the employees earn less than USD 26,900.

Minimum Wage and Starting Salary

Minimum Wage and Starting Salary refers to the fundamental pay levels for entry-level positions. It encompasses the legally mandated minimum wage and the initial compensation offered to new hires, impacting job seekers and employers alike. Understanding these figures is crucial for ensuring fair labor practices and successful career beginnings. In South Korea the minimum salary is USD 16,700.

Median Salary

The median salary in South Korea is USD 29,300, indicating the middle point of all salaries in a dataset, with half of the values above and half below it. This statistic offers a more balanced perspective on income distribution and is widely used to assess average earnings across different professions and industries.

Salary range and Percentile

Salary Range refers to the span between the lowest and highest salaries in a given dataset, indicating the scope of potential earnings. Percentile, on the other hand, represents a specific point in the range, showing how a salary compares to others in the dataset, making it useful for benchmarking pay levels. In South Korea the salary ranges from USD 16,700 to USD 163,100.

Annual Salary Increments in South Korea

What is the average annual salary increment in the South Korea? How frequently do employees receive salary raises?

In 2024 the workforce in South Korea experienced approximately 0.7% salary growth. It's important to highlight that this figure represents the average across diverse job sectors. Globally, the average salary increase for 2024 stands at 0.7%.Download chartGet chart linkShare on FacebookShare on Twitter
During 2024, employees in South Korea witnessed an average salary growth of 0.7%. This represents an overall average across various job sectors. The worldwide average for 2024 is 0.7%.

Historical Graph of Annual Salary Increments in South Korea

The salary of employees in South Korea has been increasing in recent years, with an average yearly increment of 3.6%. The increment ranges from 0.7% to 4.7% per year.Download chartGet chart linkShare on FacebookShare on Twitter
On average, employees in South Korea experienced a salary increase ranging from 0.7% to 4.7% per year in recent years. This translates to an average increment of 3.6% per year.

Salary Forecast and Trends for the Future in South Korea

There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 3.6%. Estimated range is between 2.0% and 5.5%.Download chartGet chart linkShare on FacebookShare on Twitter
There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 3.6%. Estimated range is between 2.0% and 5.5%.

Gender Wage Gap in South Korea

What is the difference in pay between mens and womens? Men vs. women salary comparison.

The gender pay gap in South Korea is currently 31.2%.Download chartGet chart linkShare on FacebookShare on Twitter
The gender pay disparity in South Korea is 31.2%.
It's due to many factors, such as:
  • Sexism.
  • On average, women enjoy 10% more days of paid vacation than men each year.
  • Compared to men, women have a lower likelihood of having a college degree.
  • When it comes to caregiving responsibilities for children and elderly relatives, women are more probable than men to take them on.
  • Women are generally more inclined to work part-time, with part-time workers typically earning less than full-time workers.
  • In comparison to men, women are more likely to work in lower-paying occupations.

Salary Comparison by Education Level

How does the education level influence the amount of salary?

Completing high school and receiving a bachelor's degree present a multitude of benefits. First and foremost, they significantly enhance career prospects, leading to higher earning potential and broader access to job opportunities. Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge.Download chartGet chart linkShare on FacebookShare on Twitter

The Benefits of Transitioning from High School to a Bachelor's Degree

Completing high school and attaining a bachelor's degree yields a host of benefits. Above all, it significantly enhances career prospects by increasing earning potential and broadening access to a greater variety of job opportunities. Along with financial rewards, pursuing a bachelor's degree promotes personal growth, cultivates critical thinking skills, and allows for specialization in a chosen field of interest. Furthermore, it facilitates valuable networking possibilities and fosters the development of a global perspective. Ultimately, the journey from high school to a bachelor's degree is a transformative path that opens doors to a more fulfilling and prosperous future.

The Advantages of Progressing from a Bachelor's to a Master's Degree

Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. This advanced education often leads to even greater earning potential and career advancement opportunities. Additionally, master's programs often emphasize research and critical thinking, honing these skills for practical application in professional settings. Networking opportunities expand further, connecting students with experts in their fields. Lastly, pursuing a master's degree is a significant personal achievement, reflecting dedication and a commitment to lifelong learning, which can contribute to personal growth and fulfillment.

The Advantages of Advancing from a Master's to a Ph.D. Degree

Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge. This expertise often leads to prestigious career opportunities in academia, research, and leadership positions in various sectors. Ph.D. programs foster advanced critical thinking, problem-solving, and analytical skills, making graduates highly adaptable and innovative. Networking opportunities expand even further, with collaborations and connections in the global academic and professional communities. Pursuing a Ph.D. is indicative of someone's commitment to knowledge and their potential for a successful and influential career.

Salary Breakdown Based on Career Levels

How does an individual's salary evolve as time goes on?

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 14%-18% higher, reflecting higher skill level and value to the company. Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of approximately 11%-15%. Expertise and leadership yield higher recognition and greater financial rewards. Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 18%-22% higher, mirroring strategic influence and heightened leadership contributions.Download chartGet chart linkShare on FacebookShare on Twitter

Salary increase going from Junior to Intermediate

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 14%-18% higher, reflecting higher skill level and value to the company.

Elevation from Intermediate to Senior Role Brings Salary Advancement

Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of nearly 11%-15%. Expertise and leadership acquire higher recognition and greater financial rewards.

Executive Promotion: Salary Increase from Senior Position

Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 18%-22% higher, mirroring strategic influence and heightened leadership contributions.

Average Hourly Wage in South Korea

What is the average hourly wage in the South Korea?

Average Hourly Wage
18USD
Low 8 USD
Average 18 USD
High 80 USD

What are the disadvantages of being paid on an hourly wage basis?

  • Income instability: It can be challenging to budget and plan for expenses when the income from hourly wages is irregular or fluctuating.
  • Limited earning potential: Hourly workers may face limitations in terms of the number of hours they can work, which can restrict their earning potential compared to salaried positions.
  • Lack of benefits: Hourly workers often have fewer or limited benefits such as paid time off, health insurance, retirement plans, and other perks typically associated with full-time employment.
  • Inconsistent work hours: Hourly workers may experience unpredictable work schedules, including shifts that vary in duration or irregular hours, which can interrupt work-life balance and make it hard to maintain consistent routines.
  • Uncertain job security: Job insecurity may be more prevalent in hourly positions than in salaried positions, as they are susceptible to layoffs, downsizing, or changes in demand.
  • Limited career advancement: There are instances where hourly employment offers restricted opportunities for career growth, professional development, or upward mobility within the organization.
It's important to note that these disadvantages may not apply universally and can vary depending on specific job circumstances and individual preferences.

Highest and Lowest Paying Jobs in South Korea

What are the best paying jobs in South Korea?

List with best paid jobs in South KoreaDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs South Korea?

  1. Surgeon (USD 161,300)
  2. Doctor (USD 145,600)
  3. Chief Executive Officer (CEO) (USD 138,800)
  4. Registered Nurse Anesthetist (USD 135,400)
  5. Dentist (USD 129,500)
  6. Airline Pilot (USD 125,200)
  7. Intellectual Property Lawyer (USD 120,800)
  8. Marketing Manager (USD 106,800)
  9. Marketing Director (USD 106,800)
  10. Sales Director (USD 100,500)
  11. Sales Manager (USD 100,500)
  12. Petroleum Engineer (USD 99,500)
  13. Brand Manager (USD 97,300)
  14. Marketer (USD 97,300)
  15. Judge (USD 95,900)
  16. Treasurer (USD 94,400)
  17. Controller (USD 94,400)
  18. Pharmacist (USD 92,100)
  19. Tax Lawyer (USD 90,900)
  20. Lawyer (USD 90,900)
List with worst paid jobs in South KoreaDownload chartGet chart linkShare on FacebookShare on Twitter

Lowest paying jobs South Korea?

  1. Cashier (USD 17,400)
  2. Childcare Worker (USD 18,300)
  3. Stock clerk (USD 18,600)
  4. Elder Care Worker (USD 18,700)
  5. Receptionist (USD 19,400)
  6. Bartender (USD 21,000)
  7. Food and beverage server (USD 21,200)
  8. Janitor (USD 21,300)
  9. Waiter (USD 21,700)
  10. Tour Guide (USD 21,800)
  11. Customer Service Representative (USD 26,200)
  12. Hotel Concierge (USD 26,600)
  13. Rehabilitation Counselor (USD 26,900)
  14. Travel Agent (USD 29,100)
  15. Secretary (USD 30,000)
  16. Painter (USD 31,100)
  17. Carpenter (USD 32,200)
  18. Bus Driver (USD 32,900)
  19. Artist (USD 33,100)
  20. Truck Driver (USD 33,800)
List with best paid industries in South KoreaDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs by industry

  1. Healthcare (USD 103,000)
  2. Business and Management (USD 87,600)
  3. Marketing and Sales (USD 80,600)
  4. Engineering (USD 74,300)
  5. Law (USD 70,500)
  6. Accounting and Finance (USD 69,800)
  7. Computer and Information Technology (USD 68,500)
  8. Transportation and Logistics (USD 66,700)
  9. Science (USD 66,300)
  10. Education and Training (USD 54,900)
  11. Other (USD 40,700)
  12. Hospitality and Tourism (USD 34,100)
  13. Social Services (USD 28,000)
  14. Services (USD 25,500)