Average salary in South Korea annually 2022 | Statista (2024)

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Average salary in South Korea annually 2022 | Statista? ›

Korean wage earners took home a monthly average of 3.53 million won ($2,653) in December 2022, rising from 3.33 million won tallied a year earlier, according to the report from Statistics Korea. The average salary of the median income bracket came to 2.67 million won, up 6.9 percent from the previous year.

Korean wage earners took home a monthly average of 3.53 million won ($2,653) in December 2022, rising from 3.33 million won tallied a year earlier, according to the report from Statistics Korea. The average salary of the median income bracket came to 2.67 million won, up 6.9 percent from the previous year.

According to Salary Explorer, the average South Korean employee gets paid about 46,600,000 KRW per year (USD 35,301) before income tax. These average salary figures can offer an insight into the South Korean economy and the job market, helping you make informed business decisions.

In 2022, the average salary of South Korean employees, which includes fixed salary and overtime pay, amounted to around 3.2 million South Korean won, a slight increase from the previous year. Average salary levels in South Korea have risen steadily over the past decade.

South Korea Monthly Earnings stood at 3,235 USD in Jan 2024, compared with the previous figure of 3,399 USD in Dec 2023 See the table below for more data.

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.

2024 living wage set at ₩11,436 per hour, ₩2.39 million per month - Seoul Metropolitan Government.

The minimum wage has been revised in South Korea from 01 January 2024. The minimum wage has been increased from ₩9,620.00 to ₩9,860.00 per hour. Note: This minimum wage increase might not reflect the inflationary trends.

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.

How much is rent in Korea? ›

Some average living costs are (in ₩ and USD): Monthly rent (1 bedroom apartment): 975,000₩ ($830) Utilities (monthly average): 200,000₩ ($170) Monthly public transport pass: 55,000₩ ($45)

South Korea's economy has been growing rapidly since the 1980s with no signs of slowing down. The country boasts the 13th largest GDP in the world at more than $1.67 trillion in 2022. The economy is dominated by its services and industrial sectors, while agriculture makes up a very small portion of the economy.

The average salary for English teachers in South Korea ranges from KRW 2.1 million to KRW 2.3 million (approximately USD 1,600 to USD 1,800) per month for new teachers. More experienced teachers or those with additional qualifications can expect to earn upwards of KRW 3 million (around USD 2,500) per month.

The cost of living in Seoul can vary depending on various factors such as accommodation, food, transportation, and personal lifestyle choices. However, in general, $2000 per month should be enough for a basic standard of living in Seoul, especially if you are comfortable with living in shared accommodation.

In 2023, the average monthly salary of regular employees in South Korea's capital Seoul amounted to almost 4.3 million South Korean won, up from about 4.1 million won the previous year. This put the salary level in Seoul significantly above the national average.

Average monthly rent for one-room flats Seoul, South Korea 2020-2021. In February 2021, the average monthly rent for one-bedroom flats in Seoul, South Korea, amounted to around 510,000 South Korean won, up from about 480,000 South Korean won in the previous month.

According to a survey conducted in South Korea in 2021, around 34.5 percent of millionaires surveyed stated that households with a minimum annual income of 500 million South Korean won or more can be perceived as rich. The threshold to be considered wealthy increased with the level of wealth of the respondents.

South Korea's cost of living is on the rise, but it's definitely still possible to visit on a budget. Between its vast and affordable transit system, wide range of dining options and abundance of low-cost activities and attractions, South Korea can prove a relatively inexpensive travel destination.

A: Seoul is one of the most expensive cities in South Korea, and the cost of living can be relatively high compared to other cities. Students can expect to spend around 27,00,000 (INR 1.6L) monthly on accommodation, food, transport, and other living expenses.