Minimum Wages in South Korea increased to 8590 KRW/Hour in 2020 from 8350 KRW/Hour in 2019. South Korea Minimum Hourly Wages - data, historical chart, and calendar of releases - was last updated on February of 2020 from its official source.

Minimum Wages in South Korea averaged 3285.94 KRW/Hour from 1989 until 2020, reaching an all time high of 8590 KRW/Hour in 2020 and a record low of 600 KRW/Hour in 1989. This page provides - South Korea Minimum Wages- actual values, historical data, forecast, chart, statistics, economic calendar and news. source: Minimum Wage Council

Minimum Wages in South Korea is expected to reach 8590.00 KRW/Hour by the end of 2020, 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 8990.00 KRW/Hour in 2021 and 9500.00 KRW/Hour in 2022, according to our econometric models.

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South Korea Minimum Hourly Wages

Actual Previous Highest Lowest Dates Unit Frequency
8590.00 8350.00 8590.00 600.00 1989 - 2020 KRW/Hour Yearly

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.