In 2006, the national minimum wage in South Korea remained fixed at €591.5 per month, that is 7,098 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 700,600 South Korean won and accordingly, the national minimum wage has been raised 39,170 South Korean won per month from the previous year, 5.92%. This increase is greater than the CPI of 2005 which was 2.6%, 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 16 nd place of the 81 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 2006 and see all the information about this country in South Korea economy.