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,2021,2022,2023

Minimum Wages in South Korea increased to 8720 KRW/Hour in 2021 from 8590 KRW/Hour in 2020. source: Minimum Wage Council

Minimum Wages in South Korea averaged 3450.61 KRW/Hour from 1989 until 2021, reaching an all time high of 8720 KRW/Hour in 2021 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. South Korea Minimum Hourly Wages - values, historical data and charts - was last updated on January of 2022.

Minimum Wages in South Korea is expected to reach 8720.00 KRW/Hour by the end of 2021, 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 2022 and 9400.00 KRW/Hour in 2023, according to our econometric models.

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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.