Premium
Premium statistics

Industry-specific and extensively researched technical data (partially from exclusive partnerships).

A paid subscription is required for full access.

Minimum hourly wage in South Korea 2009-2019

Minimum hourly wage in South Korea from 2009 to 2019 (in South Korean won)

by Won So, last edited Aug 9, 2019
Minimum hourly wage in South Korea 2009-2019 The legal minimum wage in South Korea stood at 8,350 South Korean won per hour in 2019. With an increase of around 10.9 percent compared to the previous year, this was the second largest annual increase since 2001. A legal minimum wage was only established by the South Korean government in 1988, driven by the booming economy at that time.

Is raising the minimum wage beneficial?

President Moon Jae-in has pledged to raise the minimum wage to at least 10,000 won by 2020; a controversial move that has been endorsed by scholars but criticized by both conservative and liberal political commentators across the country. The general public are also divided, with some arguing the consequential increase in the cost of living is a negative outcome of the wage increase. Recent opinion polls showed that only half of the population shared a positive sentiment towards the general direction their country is going.

How are small and medium sized businesses affected?

Small and medium-sized enterprises (SMEs) have also been opposed to raising the minimum wage. Most business owners of this size stated that increasing revenue and maintaining profitability were major challenges for them, and this is intrinsically linked to the minimum wage they pay their employees. Related to this, a large proportion of entrepreneurs were uncertain about starting a new business in South Korea. Nevertheless, the economic outlook for South Korea is positive, with the gross domestic product per capita projected to continue to rise.
Show more

Minimum hourly wage in South Korea from 2009 to 2019 (in South Korean won)

Statista Accounts: Access All Statistics. Starting from $588 / Year
Basic Account
Get to know the platform

You only have access to basic statistics.
This statistic is not included in your account!

Premium Account
Your perfect start with Statista
  • Instant access to 1m statistics
  • Download in XLS, PDF & PNG format
  • Detailed references

$49 / Month *

Corporate Account
Full access

Corporate solution including all features.

* All products require an annual contract.
   Prices do not include sales tax.
Leading companies trust Statista:
paypalgoogleadobepgsamsungtelekom
Related Studies: Available to Download in PDF or PPTX Format
Demographics of South Korea
Demographics of South Korea

All Information
in one Presentation

Demographics of South Korea

Everything On "Demographics of South Korea" in One Document: Edited and Divided into Handy Chapters. Including Detailed References.

Statista is a great source of knowledge, and pretty helpful to manage the daily work.
Christof Baron

Christof Baron
CEO, MindShare Germany

Statistics on "Demographics of South Korea"
  • Population
  • Population development
  • Private households
  • Provinces and cities
  • Income and expenditure
The most important statistics
Discover Statista
Need help with using Statista for your research? Tutorials and first steps
Further Content: Statistics, Studies, and Topic Pages
Learn more about how Statista can support your business.
Do you have any questions about our business solutions?

We provide you with detailed information about our Corporate Account.