Korean salary in won is not that bad after all. According to the latest statistics, the average annual income of Korea (including both employed and self-employed) is around $ 22,000 dollars. This might be compared with another country in East Asia, the Philippines, which has an average wage of only 3.6% Korean GDP – meaning that the Philippines GDP per capita is almost half of the Korean GDP per capita.
According to a report by the Korean Statistical Information Service, the average Korean salary in won was 2,354,000 won in 2017. As of December 31st, 2016, there were about 2.5 million jobs available in South Korea.
Average korean salary in won
The average salary in South Korea is comparable to those in other developed countries. In 2019, the average annual income was $36,910 USD according to OECD data (OECD, 2019).
According to the same report, this represented an increase of 5.8% over 2018. The gap between men’s and women’s wages has also been decreasing with more women entering the workforce and becoming more educated than ever before (OECD).
Takeaway:
- In general, the average Korean salary in won is about 3.5 million won per month as of 2017 according to Statistics Korea.
- The average monthly wage for full-time workers in South Korea was 4,016,000 won (3,746 USD) as of September 2018 according to a report by Statistics Korea and Ministry of Employment and Labor
Conclusion
We have looked at the earnings of six different groups of Koreans: men, women, full-time workers, part-time workers, older than 20 and younger than 20 years old. The average salary in won was found to be W2,401,725 ($2,100) per month in May 2020.
