South Korea South Korea National Minimum Wage - NMW

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NMW South Korea 2020

South Korea rises the national minimum wage

In 2020, the national minimum wage in South Korea remained fixed at 1,385 € per month, that is 16,620 euros per year, taking into account 12 payments per year.

If we look at the minimum salary in South Korean won, which is the official currency in South Korea, we can see that, this year, it was 1,795,310 South Korean won and accordingly, the national minimum wage has been raised 50,160 South Korean won per month from the previous year, 2.87%. This increase is greater than the CPI of 2019 which was 1.3%, so workers have gained buying power in the last year.

If we look at the ranking of the national minimum wage that we publish, South Korea is in 13 nd place of the 100 of the list.

The National Minimum Wage (NMW) of a country is the minimum amount (lowest salary) per hour, per day, or per month that employers may legally pay to workers.

In the table that follows we show you the progression of the National Minimum Wage South Korea. You can see NMW in other countries in National Minimum Wage 2020 and see all the information about this country in South Korea economy.

South Korea - Minimum wages
DateNat. Curr. NMWNMWNMW
January 20201,795,310.01,553.8 $1,385.0 €
December 20191,497.5 $
January 20191,745,150.01,568.2 $1,365.6 €
December 20181,430.1 $
January 20181,573,770.01,468.9 $1,229.9 €
December 20171,196.2 $
January 20171,352,230.01,123.4 $1,065.3 €
December 20161,086.0 $
January 20161,260,270.01,077.8 $984.0 €
December 20151,031.0 $
January 20151,166,220.01,069.1 $880.3 €
December 20141,034.1 $
January 20141,088,890.01,031.9 $750.5 €
December 2013927.7 $
January 20131,015,740.0955.3 $722.3 €
December 2012849.8 $
January 2012957,220.0826.3 $638.7 €
December 2011814.7 $
January 2011976,320.0863.5 $651.3 €
December 2010803.5 $
January 2010928,860.0798.2 $557.2 €
December 2009708.0 $
January 2009904,000.0716.3 $491.5 €
December 2008773.1 $
January 2008852,020.0910.5 $618.3 €
December 2007846.4 $
January 2007786,480.0845.7 $642.1 €
December 2006733.8 $
January 2006700,600.0693.7 $591.5 €
December 2005626.7 $
January 2005661,426.7639.0 $469.1 €
December 2004495.3 $
January 2004592,120.0496.7 $393.1 €
December 2003431.5 $
January 2003531,853.3448.3 $427.6 €
December 2002379.4 $
January 2002487,783.3371.4 $419.9 €
December 2001326.5 $
January 2001439,193.3346.6 $373.1 €
December 2000319.7 $
January 2000381,563.3335.9 $335.5 €
December 1999289.9 $
January 1999350,300.0290.5 $
December 1998239.5 $
January 1998335,610.0231.6 $
December 1997332.6 $
January 1997316,400.0374.8 $
December 1996358.2 $
January 1996288,150.0372.7 $
December 1995342.8 $
January 1995264,420.0333.6 $
South Korea - Minimum wages