What is the monthly minimum wage in South Korea in 2026 (in won)? The answer is calculated based on the country’s hourly minimum wage system. In South Korea the minimum wage is set per hour, not per month, and the monthly income is computed using the legally accepted working hours.
What Is the Minimum Wage in South Korea for 2026?
The 2026 minimum wage in South Korea is set on an hourly basis and represents an increase compared with the previous year.
2026 Current Minimum Wage Table
| Criterion | Amount |
|---|---|
| Hourly minimum wage | 10,500 won |
| Daily (8 hours) | 84,000 won |
| Weekly (40 hours) | 420,000 won |
| Monthly (209 hours) | 2,194,500 won |
| Annual | 26,334,000 won |
The monthly calculation is based on the standard 209-hour monthly working time commonly used in South Korea.
How Is the Minimum Wage Calculated in South Korea?
Minimum wage calculation in South Korea is straightforward: hourly wage × monthly working hours.
Monthly Salary Calculation Formula
| Element | Description |
|---|---|
| Hourly wage | Legal minimum amount per hour |
| Weekly hours | 40 hours |
| Monthly hours | 209 hours |
| Overtime | Paid separately |
What Is 209 Hours?
209 hours is accepted in South Korea as the standard monthly working time. This figure is derived from a 40-hour workweek, the average number of weeks per month, and consideration of official holidays.
Working Time Details
| Type of period | Hours |
|---|---|
| Daily | 8 hours |
| Weekly | 40 hours |
| Monthly average | 209 hours |
| Annual | 2,508 hours |
Comparison of South Korea Minimum Wage: 2025–2026
Minimum wage increases directly affect workers’ purchasing power.
Minimum Wage by Year
| Year | Hourly Wage (Won) | Monthly (Won) |
|---|---|---|
| 2024 | 9,860 | 2,060,740 |
| 2025 | 10,120 | 2,115,080 |
| 2026 | 10,500 | 2,194,500 |
Can You Live on the Minimum Wage in South Korea?
Living on minimum wage in South Korea varies greatly depending on the city. Large urban centers such as Seoul, Busan and Incheon have high living costs.
Average Monthly Living Expenses
| Expense Item | Amount (Won) |
|---|---|
| Rent (studio) | 700,000 – 1,200,000 |
| Food | 400,000 – 600,000 |
| Transport | 70,000 – 100,000 |
| Utilities | 150,000 – 250,000 |
| Total | 1,320,000 – 2,150,000 |
Living on Minimum Wage: City-Based Comparison
| City | Cost of Living | Sufficiency of Minimum Wage |
|---|---|---|
| Seoul | Very high | Difficult |
| Busan | High | Limited |
| Daegu | Moderate | Possible |
| Gwangju | Moderate | Easier |
Overtime and Minimum Wage in South Korea
Overtime is paid above the minimum wage and is an important additional income source for many workers.
Overtime Pay Rates
| Work Type | Pay Rate |
|---|---|
| Weekday overtime | 150% |
| Weekend | 150% |
| Official holiday | 200% |
Is the Minimum Wage Taxed?
Taxation on the minimum wage is limited for low-income workers, but it is not entirely tax-free.
Typical Deductions
| Deduction Type | Rate |
|---|---|
| Income tax | 3% – 6% |
| National pension | 4.5% |
| Health insurance | 3.5% |
| Unemployment insurance | 0.9% |
What Is the Net Minimum Wage?
2026 Net Minimum Wage Estimate (Average)
| Item | Amount (Won) |
|---|---|
| Gross monthly | 2,194,500 |
| Total deductions | ~300,000 |
| Net salary | ~1,890,000 |
Minimum Wage in USD and TRY Equivalents
Exchange rates change daily, so the values below are approximate averages.
Currency Equivalents
| Currency | Approximate Equivalent |
|---|---|
| USD | ~1,650 $ |
| EUR | ~1,520 € |
| TRY | ~52,000 TL |
Comparison: South Korea Minimum Wage vs Turkey
| Country | Net Minimum Wage |
|---|---|
| South Korea | ~1,890,000 won |
| Turkey | Lower |
| Purchasing power | Higher in Korea |
Who Typically Works for the Minimum Wage in South Korea?
| Sector | Worker Profile |
|---|---|
| Service sector | Restaurants, cafes |
| Retail | Supermarkets, shops |
| Logistics | Warehouses |
| Manufacturing | Factories |
Working on Minimum Wage for Students
Students working part-time receive the same hourly minimum wage as other workers.
Student Work Conditions
| Criterion | Detail |
|---|---|
| Working hours | Up to 20 hours per week |
| Wage | Hourly minimum |
| Taxes | Low |
| Permissions | Required in some cases |
Who Decides Minimum Wage Increases?
The South Korean Minimum Wage Commission sets changes to the minimum wage and includes representatives of workers, employers and the government.
Decision Criteria
| Criterion | Impact |
|---|---|
| Inflation | High |
| Economic growth | Medium |
| Unemployment rate | Medium |
| Cost of living | High |
Expectations for Minimum Wage After 2026
Experts expect the South Korean minimum wage to continue rising gradually in the coming years.
Frequently Asked Questions
What is the monthly minimum wage in South Korea for 2026?
In 2026 the gross monthly minimum wage is approximately 2,194,500 won.
Is the minimum wage set hourly in South Korea?
Yes, the minimum wage is determined per hour.
Is tax deducted from the minimum wage?
Yes, but deductions are limited for low-income workers.
Is the minimum wage enough to live in Seoul?
Because living costs in Seoul are high, it is difficult to cover all expenses on the minimum wage alone.
Can students work at minimum wage?
Yes, students can work and are paid the hourly minimum wage.