Updated 25 October 2026

South Korea in Numbers 2026: Minimum Wage, Tax and Pension Age Compared

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.

Most comparisons of South Korea look at one number at a time. This page gathers the figures that matter for working, buying a home, paying bills and retiring in South Korea, so you can see them together and see how South Korea compares. Each section links to our full guide for that topic, which covers every country and lists the original sources, and each dataset can be downloaded free.

South Korea at a Glance

MeasureSouth KoreaRank
Minimum wage₩10,320/hour (≈ $1,351/month)13th highest of 38
Tax on an average wage16.5% (keeps 83%)5th lowest of 38
Pay rise forecast 20274.1% (inflation %)12th highest of 29
State pension age6311th lowest of 39
Pension (share of pay)38.9% of net pay5th 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.

Full table for every country, with sources: Minimum Wage by Country 2026: Hourly and Monthly Rates in US Dollars. Download the data (CSV).

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.

Full table for every country, with sources: Income Tax by Country 2026: How Much of Your Salary You Keep in 38 Countries. Download the data (CSV).

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. With inflation at % (), that is roughly flat in real terms.

Full table for every country, with sources: Salary Increase Forecasts 2027 by Country: Every Major Survey in One Table. Download the data (CSV).

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.

Full table for every country, with sources: Retirement Age by Country 2026: State Pension Ages in 39 Countries. Download the data (CSV).

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%.

Full table for every country, with sources: State Pension Amounts by Country 2026: How Much Retirees Actually Get. Download the data (CSV).

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.

Full table for every country, with sources: Deposit Insurance Limits by Country 2026: How Much of Your Money Is Protected. Download the data (CSV).

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.

Full table for every country, with sources: Inheritance Tax by Country 2026: Thresholds, Rates and Who Pays. Download the data (CSV).

Frequently Asked Questions

What is the minimum wage in South Korea in 2026?

The minimum wage in South Korea is ₩10,320/hour, about $1,351 a month for full-time work. That is 13th highest of 38 countries. 2026 rate.

How much tax do you pay in South Korea?

On the average wage, income tax plus employee social security in South Korea take 16.5% of gross pay, so a single worker keeps 83% (OECD average: 25.1%).

What is the average pay rise in South Korea for 2027?

Pay surveys forecast an average salary increase of 4.1% in South Korea for 2027, against inflation of %.

What is the retirement age in South Korea?

The state pension age in South Korea is 63 in 2026, with the earliest claim at 58 (reduced). Legislated change: 64 in 2027; 65 by 2033.

How much is the state pension in South Korea?

In South Korea, mandatory pensions replace about 38.9% of an average earner's net pay after a full career, against an OECD average of 63.2%.

How much money is insured in a bank in South Korea?

Deposits in South Korea are insured up to ₩100 million per person, per bank.

Is there inheritance tax in South Korea?

Yes. Children can inherit ₩500 million lump-sum deduction (typical) tax-free in South Korea; above that the top rate for children is 50%.

Compare South Korea With Other Countries

See every country side by side in Compare Countries 2026: Minimum Wage, Tax, Mortgage Rates, Energy and Pension Age in 35 Countries, or open a country page: Australia, Austria, Belgium, Brazil, Canada, China, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, India, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, the United Kingdom, the United States.

Cite this page: Blog Digest, “South Korea in Numbers 2026: Minimum Wage, Tax and Pension Age Compared”, updated 25 October 2026, https://randomthoughtsever.blogspot.com/2026/10/south-korea-in-numbers-2026-minimum.html

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.