Average Salary in Korea
What is the average salary in Korea? According to a report by the Ministry of Labor and Employment or MOLE, the average salary of a Korean working in a company with five or more regular employees is 3.13 million won (2,814 USD or 132,320 PHP). This is a 2.9% increase from the previous year. This is the result of a survey of 25,000 businesses in all sectors except for agriculture.
Regular workers per capita averaged 3.13 million won while temporary or daily workers earned an average of 1.43 million won a month.
Finance and insurance workers earned the highest with an average of 5.367 million won followed by workers in electricity, gas, steam and water projects at 4.88 million won.
Low wage industries are accommodation, food, cleaning, facilities management and security services. The average monthly wages of workers in the industries mentioned range from 1.858 to 1.998 million won.
In the education industry, the average is 3.227 million
The monthly average working hours is 169.9 hours, which is 7.1% less than last year’s.
In June this year, the number of employees increased by 370,000 to 16,681,500 compared to the same period last year.
Earlier this month, a proposal to the minimum wage was announced by the Minimum Wage Council. For 2017, workers in Korea (Koreans and non-Koreans alike) are set to receive 6,470 won per hour worked as minimum payment.