Average annual wage in South Korea 2000-2020
In 2020, the average annual wage in South Korea reached 41,960 U.S. dollars after adjusting for purchasing power parity (PPP). The average salary in South Korea has steadily increased within the given period except for 2020 and the monthly wage was projected to reach around 5.4 thousand U.S. dollars in 2040, the highest value among the leading countries.
Women in the job market
While employment rate of South Korean women has risen steadily over the past decade, the gender pay gap still exists. On average, female workers earned about 67.7 percent of their male equivalents’ income in 2020. The average monthly income in South Korea was around 3.6 million South Korean won for men and about 2.36 million South Korean won for women in 2019.
Work-life balance
In 2019, South Korea had the second longest working hours in the Organisation for Economic Co-operation and Development (OECD). In recent years, however, various measures have been put in place for workers, such as the 52-hour workweek and the flexible working system, to maintain a work-life balance. In fact, the proportion of companies with a flexible working hours system has increased significantly in recent years. The average monthly working hours of South Korean workers has decreased over the past decade; in 2020, Koreans worked an average of 163.6 hours per month. According to a survey, the majority of respondents said they would choose to work for a company where they can have a work-life balance over a higher salary. This tendency was greater, particularly among parents with children.
Women in the job market
While employment rate of South Korean women has risen steadily over the past decade, the gender pay gap still exists. On average, female workers earned about 67.7 percent of their male equivalents’ income in 2020. The average monthly income in South Korea was around 3.6 million South Korean won for men and about 2.36 million South Korean won for women in 2019.
Work-life balance
In 2019, South Korea had the second longest working hours in the Organisation for Economic Co-operation and Development (OECD). In recent years, however, various measures have been put in place for workers, such as the 52-hour workweek and the flexible working system, to maintain a work-life balance. In fact, the proportion of companies with a flexible working hours system has increased significantly in recent years. The average monthly working hours of South Korean workers has decreased over the past decade; in 2020, Koreans worked an average of 163.6 hours per month. According to a survey, the majority of respondents said they would choose to work for a company where they can have a work-life balance over a higher salary. This tendency was greater, particularly among parents with children.
