Updated 25 October 2026
Quick answer: In South Korea in 2026, the minimum wage is ₩10,320/hour (about $1,351 a month full time); an average earner keeps 83% of their pay after income tax and social security; the state pension age is 63. The table below puts 7 everyday money measures for South Korea side by side and ranks each one against the other countries in our data, using official figures from national statistics offices, central banks, the OECD and Eurostat.
Against the other countries in our data, South Korea stands out here: its state pension (as a share of pay), 38.9% of net pay, is the 5th lowest of 50 countries; its tax on an average wage, 16.5% (keeps 83%), is the 5th lowest of 38 countries. It sits nearer the middle for 2027 pay-rise forecast.
South Korea at a Glance
| Measure | South Korea | Rank |
|---|---|---|
| Minimum wage | ₩10,320/hour (≈ $1,351/month) | 13th highest of 38 |
| Tax on an average wage | 16.5% (keeps 83%) | 5th lowest of 38 |
| Pay rise forecast 2027 | 4.1% | 12th highest of 29 |
| State pension age | 63 | 11th lowest of 39 |
| Pension (share of pay) | 38.9% of net pay | 5th lowest of 50 |
| Bank deposit protection | ₩100 million per person, per bank | — |
| Inheritance tax (children) | top rate 50% | — |
Rank compares South Korea with the other countries in each dataset; "highest" means the largest value. "—" means the measure isn't ranked.
Minimum Wage in South Korea (2026)
The legal minimum wage in South Korea is ₩10,320/hour. For a month of full-time work that is about $1,351 at current exchange rates, 13th highest of 38 countries in our comparison. 2026 rate.
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Income Tax and Take-Home Pay in South Korea
A single worker on the average wage in South Korea (about $68,000 at purchasing-power parity) pays 16.5% of gross pay in income tax and employee social security, so they keep 83%. That is 5th lowest of 38 countries, against an OECD average of 25.1%.
Income tax and employee social security take 16.5% of pay at the average wage, 13.3% at two-thirds of it and 20.9% at 1.67 times it. Including employer contributions, the total tax wedge is 24.8% of labour costs.
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Pay Rises in South Korea: 2027 Forecast
Employers in South Korea expect to raise salaries by 4.1% in 2027 (median of the major pay surveys), after 4.0% in 2026.
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Retirement Age in South Korea
The state pension age in South Korea is 63 for people reaching it in 2026; the earliest you can claim is 58 (reduced). Future change: 64 in 2027; 65 by 2033. National Pension age depends on birth year.
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How Much the State Pension Pays in South Korea
A full-career average earner in South Korea can expect a mandatory pension worth about 38.9% of their previous net pay, 5th least generous of 50 countries (OECD average 63.2%). Low earner (half the average wage): 55%. High earner (twice the average): 25%.
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How Much of Your Money Is Protected in South Korea
Bank deposits in South Korea are protected up to ₩100 million per depositor, per bank (about $75,500), under the KDIC scheme. Doubled from ₩50m on 1 September 2025. Money in payment apps and e-money wallets is usually not covered.
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Inheritance Tax in South Korea
South Korea has estate tax. Children can receive ₩500 million lump-sum deduction (typical) tax-free, and the top rate for children is 50%, 2nd highest of 28 countries. Rates 10% to 50% above ₩3 billion; a move to taxing each heir's share is planned for 2028.
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South Korea vs Australia, China and India
The same measures for South Korea and its nearest neighbours in our data, side by side.
| Measure | South Korea | Australia | China | India |
|---|---|---|---|---|
| Minimum wage | ₩10,320/hour (≈ $1,351/month) | A$26.44/hour (≈ $3,058/month) | ¥2,740/month (≈ $411/month) | ₹178/day (national floor) (≈ $49/month) |
| Tax on an average wage | 16.5% (keeps 83%) | 23.5% (keeps 76%) | — | — |
| Pay rise forecast 2027 | 4.1% | 3.3% (inflation 4.0%) | 4.3% | 8.9% (inflation 5.5%) |
| State pension age | 63 | 67 (Age Pension) | ~60 y 4 m men; ~55 y 4 m / 50 y 8 m women | 58 (EPS pension) |
| Pension (share of pay) | 38.9% of net pay | 53% of net pay | 103.6% of net pay | 44.6% of net pay |
| Bank deposit protection | ₩100 million per person, per bank | A$250,000 per person, per bank | ¥500,000 (RMB) per person, per bank | ₹5 lakh (₹500,000) per person, per bank |
| Inheritance tax (children) | top rate 50% | None | None | None |
Compare South Korea With Other Countries
See every country side by side in Compare Countries 2026: Wages, Tax, Mortgages and Pensions, or compare South Korea with nearby countries in our data: Australia, China, India, Japan and New Zealand.
Related Guides
Figures checked against the official sources listed in each linked guide in October 2026. Exchange-rate conversions are approximate. This page is for information and isn't financial or legal advice.
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