As a result of the researches conducted by those who want to go abroad, one of the most curious countries is South Korea. As such, South Korea Minimum Wage 2023 How Much? is being wondered. Those who want to collect information about South Korea are also researching questions such as South Korea Occupations and Salaries 2023, South Korea Cost of Living, Can you live on minimum wage in South Korea? Let’s learn all the curious things together…
How Much is the Minimum Wage in South Korea 2023?
Those who live in South Korea among their future plans are curious about many issues such as working, living, professions and salaries, sought-after professions, living conditions in South Korea. In this article, we have answered all the questions researched about South Korea. You can find all the details from house rents in South Korea to market prices, South Korea Minimum wage from the continuation of our article.
South Korea is known as a country located in East Asia. In addition, living standards are high in this country. Because South Korea is a developed country. South Korea uses the South Korean Won as its currency. South Korean Won is divided into 100 jeons units. So 1 Won is divided into 100 jeons. This currency, which is controlled by KRW Bank of Korea, has 4 coins and 6 paper money. The use of money is known to be this way.
The minimum wage for workers and employees calculated in South Korea is 8,750 thousand won (7.75 dollars) for 1 hour as of 2022. In South Korea, the lowest level employees who go to work full-time receive a salary equal to the minimum wage. The legal daily working time in South Korea is 8 hours and the legal weekly working time is 40 hours. Full-time workers in South Korea work 22 days per month and take 8 days off per month. On average, they work 176 hours per month. Calculated in this way, the monthly earnings of a full-time minimum wage worker is around 1,540,000 won (1,365 dollars).
If we compare the South Korean Minimum Wage in TL and dollar terms, before moving on to 2023 data, the Minimum Wage in South Korea is 1.360 Dollars for now. This corresponds to 23,500 Turkish liras. Therefore, we can say that the minimum wage is more compared to our country. Therefore, people live a comfortable life because their purchasing power is high. 2023 South Korea When the minimum wage is determined, our site will be updated.
South Korea Occupations and Salaries 2023
In 2022, the highest paid professions in South Korea are surgeon, doctor, judge, lawyer and bank manager. The occupations with the lowest salaries in Korea are surveyor, assistant teacher, priest and babysitter. Professionals earning high salaries in South Korea will see an average 150% increase in earnings if they work in Turkey, 26% if they work in Japan and 43% if they work in Taiwan.
Occupation Won Dollar
Doctor 3,350,000 – 15,400,000 Won 2,351-10,808 dollars
Nurse 2,700,000 – 8,110,000 KRW 1,894-5,691 dollars
Worker 983,000 – 6,650,000 Won 689-4,667 dollars
Engineer 1,040,000 – 6,940,000 KRW 729-4,870 USD
Teacher 1,980,000 – 7,520,000 KRW 1,389-5,277 dollars
What is the Salary of a Doctor in South Korea?
Someone working as a doctor in South Korea earns an average of 9,140,000 South Korean won. South Korean doctor salaries can range from 3,350,000 South Korean won to 15,400,000 South Korean won.
One of the biggest factors affecting doctor salaries in South Korea is experience. Across all sectors and disciplines, doctors with between two and five years of experience in South Korea earn on average 32% more than beginners and junior doctors; doctors with more than five years of experience earn on average 36% more than those with five years or less of work experience. The highest-paid medical specialties are cardiology, psychiatry, neurology, dermatology and urology.
What is the Salary of a Nurse in South Korea?
The average salary of a nurse in South Korea is 4,210,000 South Korean won. Nurse salaries in South Korea start from 2,700,000 South Korean won and go up to 8,110,000 South Korean won.
A nurse working in South Korea can increase their salary by 32% with two to five years of experience. If a nurse has more than five years of experience, they earn on average 36% more than nurses with less than five years of experience. Men working in nursing in Korea earn on average 7% less than their female counterparts.
What are South Korean Worker Salaries?
The average salary for a worker in South Korea is 2,650,000 South Korean won. The salary that workers working in South Korea will earn starts from 983,000 South Korean won and goes up to 6,650,000 South Korean won.
In South Korea, depending on the department in which the worker works, his/her salary may be higher than his/her colleagues, examples of these occupations are; assistant maintenance manager, chemical equipment inspector, operator. A current worker in South Korea earns about 32% more with close to five years of experience than a newcomer, and about 36% more with more than five years of experience. Workers with a diploma working in South Korea earn on average 17% more than their high school graduate counterparts.
Workers with a bachelor’s degree earn 24% more than those with only a diploma. Workers with a master’s degree earn 29% more than those with a bachelor’s degree. Men working as laborers in South Korea earn on average 8% more than their female counterparts.
What are the Salaries of Engineers in South Korea?
A person working in the engineering field in South Korea typically earns around 3,280,000 South Korean won per month. Salaries range from 1,040,000 South Korean won to 6,940,000 South Korean won. The average software engineering salary in South Korea is 4,753,000 South Korean won.
In South Korea, engineers with two to five years of experience earn 32% more than new engineers. If an engineer in South Korea has more than five years of experience, they earn 36% more than their colleagues with less than five years of experience.
Among engineering majors in South Korea, field engineers, software engineers, genetic engineers and mechanical engineers earn the most. Engineers with a bachelor’s degree earn 24% more than those with only a certificate or diploma. Professionals with a master’s degree earn 29% more than those with a bachelor’s degree.
Those with a PhD earn on average 23% more than engineers with a master’s degree doing the same job. Men working in engineering in South Korea earn on average 6% more than their female counterparts.
What are the Salaries for a Waiter in South Korea?
The average salary for a waiter in South Korea ranges from 573,000 South Korean won to 1,980,000 South Korean won.
Someone with two to five years of experience can expect to earn 868,000 South Korean won per month, 34% more than someone with less than two years of experience. A person with five to ten years of experience earns 1,280,000 South Korean won per month, 48% more than a person with two to five years of experience. Male waiter workers in South Korea earn on average 7% less than their female counterparts. The average waiter salaries in South Korea are lowest in small cities like Bucheon and higher in big cities like Seoul.
In South Korea, it is recommended to tip 5-10% in a western-style restaurant, but it is not common practice to tip in a traditional Korean restaurant. If one wants to tip in a western style restaurant, one should give the tip directly to the waiter.
What is South Korea Teacher Salary?
A person working in the teaching field in South Korea usually earns around 4,120,000 South Korean won per month. Salaries range from 1,980,000 South Korean won to 7,520,000 South Korean won.
Among teaching majors in South Korea, the highest paid lecturers are academics, science teachers and math teachers. Teachers with more than five years of experience working in South Korea earn on average 32% more than beginners, and teachers with more than 10 years of experience earn 36% more than teachers with 5 years or less of experience. Public sector teachers in South Korea earn 6% more than their private sector counterparts. Male teachers working in education in South Korea earn on average 6% more than their female counterparts.
What are the highest paid jobs in Korea?
The highest paid jobs in Korea are listed below.
Chairman of the board (CEO)
Cost of Living in South Korea
The currency of South Korea is the South Korean Won (₩). The Won can be hard to find outside of East Asia. If you cannot find the Won, take US Dollars or Chinese Yuan with you and exchange them for Won when you arrive.
There are schools nationwide, but many international students find themselves in Seoul. These prices will reflect costs in the capital. Some average living costs (in ₩ and USD):
Monthly rent (1 bedroom apartment): 975.000 ₩ (830 $).
Utilities (monthly average): 200.000 ₩ (170 $).
Monthly public transportation card: 55.000 ₩ (45 $).
Food (cheap restaurant): 8.000 ₩ (7 $).
Coffee: 4600 ₩ (3,90 $).
Milk (1 liter): 2500 ₩ (2,15 $).
Vegetables (1kg): 3.000 ₩ – 8.000 ₩ (2,55 – 6,80 $).
Eggs (dozen): 3.300 ₩ (2.80 $).
Water (1.5 liter bottled): 1400 ₩ (1,20 $).
Beef (1kg): 40.000 ₩ (34 $).
Beer (bottle): 2.800 ₩ (2.40 $).
Bread (loaf): 2760 ₩ (2,35 $).
The average cost of living in Seoul is ₩1,260,000 ($1075) per month. Rent is normally counted as a separate cost in South Korea.
If you want to have a coffee in an average cafe in South Korea, you will pay around 2500 won.
A cheap meal for one person in South Korea costs about 9000 won.
A single meal at average and expensive restaurants costs 23,000 won and 64,000 won respectively.
The average house rent starts at 700 thousand won. Since South Korea is a very small country, house rents are also very high.
The bills for a house cost 150 thousand won on average.
A movie ticket is sold for 6 thousand won, a theater ticket is sold for about 25 thousand won.
Subway tickets are between one thousand won and 7 thousand won.
About South Korea
South Korea is a country that borders North Korea. South Korea is a highly developed country. It has the 10th largest economy in the world according to nominal GDP. This country is located in Northeast Asia. South Korea, which constitutes 45% of the Korean Peninsula, borders China, North Korea, Japan, the East Sea and the Yellow Sea.
The capital of South Korea is the city of Seoul. Seoul is one of the largest cities in the world, both in terms of territory and population. Busan, another important city of South Korea, is the second most important city and port city of South Korea. South Korea is governed by 16 administrative units.
The currency of South Korea is the South Korean Won. The official language of the country is Korean. However, the educated population also speaks English.
Is Foreign Labor Recruitment in Korea in 2023?
Korea is recruiting foreign workers in 2023. There is a high demand for foreign workers in various fields in South Korea. The most in-demand jobs for foreigners in South Korea include English language teaching, English content developer, public relations specialist and software developer.
Some basic requirements are standard across all employment options; for example, a university degree is required to find a job in South Korea. Depending on the company and industry applied for, South Korea labor recruitment requirements vary.
What are the Work Opportunities in South Korea?
Work opportunities in South Korea are abundant for foreigners. Working days are Monday through Friday, but foreigners should be aware that working hours can range from 40 to 68 hours per week. The biggest industries that South Korea has are electronics, automobiles, telecommunications, shipbuilding, chemicals and steel. The most suitable jobs for a foreigner coming to work in South Korea are first of all digital jobs such as English content production, software, and then English teaching, project management, stockbroking and marketing.
House Prices in South Korea
People who are thinking of working in South Korea should first do a research on how much they will cost while living and working here. In order to help you, we will try to give you an idea about how much your basic expenses will be on average.
When you start living in this country, your first basic expense will of course be the house rent. When we take a look at the house rents in South Korea, we see a table as follows:
Average monthly rent for a one-room apartment in the city center: 462 euro
Average monthly rent for a one-room apartment outside the city center: 315 euro
Average monthly rent for a 3 bedroom apartment in the city center: 1,206 euro
Average monthly rent for a 3 bedroom apartment outside the city center: 743 euro
After renting the house you are going to live in, it is time to talk about the bill costs. If you live in an 80 square meter house, your monthly bill payment (electricity, water, natural gas) will be around 121 euros on average. Your monthly internet bill will be around 19.51 euros on average.
Grocery Prices in South Korea
One of the most important issues when living on the minimum wage in South Korea is grocery prices. Grocery prices in South Korea are as follows:
Fresh white bread (500 g): 2.20 euro
12 eggs: 2.50 euro
1 kg local cheese: 12 euro
1 kg milk: 1.80 euro
1 kg chicken breast: 8.40 euro
1 kg of rice: 3.40 euro
1 kg apple: 5.60 euro
1 kg of red meat: 26 euro
1 kg lettuce: 1.90 euro
1 kg tomato: 4.90 euro
1 kg onion 2.40 euro
1.5 L water: 0.99 euro
1 kg of oranges: 4.40 euro
1 kg of bananas: 3.10 euro
1 kg cucumber: 2.70 euro
Transportation Prices in South Korea
If you plan to use public transportation in South Korea, you will need to pay 0.94 euro for a one-way public transportation ticket and 40 euro for a monthly pass ticket.
If you are thinking of taking a taxi in China, you should know that the taxi opening fee is 2.40 euros and a 1-hour taxi ride is 8.60 euros on average.
General Needs in South Korea
Once you have settled in South Korea and taken care of your basic needs here, now it is time for your other needs! The most important of your other needs is clothing.
In South Korea, 1 pair of jeans (Levis 501 or similar) costs 51 euro, 1 summer dress costs 34 euro in a chain store (Zara, H&M…), 1 pair of Nike running shoes costs 68 euro and 1 pair of men’s leather work shoes costs 96 euro.
If you want to go to the movies in South Korea you have to pay 8.60 euro for a movie ticket. If you think that I love doing sports, it will be very good to join a gym, you should know that the monthly gym membership in South Korea is 42 euros.
What are the Most Wanted Professions in South Korea?
The most sought-after occupational groups in South Korea are mostly from the technology, electronics and automotive sectors. South Korea is a country of technology. This country is known for having many successes especially in the field of robotic technology and automotive.
Therefore, there are many job opportunities for software engineers, computer engineers and mechanical engineers in South Korea.
Since South Korea is an oceanic country, the maritime and food sectors also do a lot of business and there are many personnel shortages in this field.
Working Conditions in South Korea
Working hours in South Korea are between 09.00-18.00. Employees in South Korea generally do not work overtime, they are only obliged to complete 8 hours of working time.
Working in South Korea gives you many advantages in terms of working conditions, living expenses, reimbursement of expenses, legal rights, infrastructure of the country, low taxes, educated population.
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