The average monthly salary of wage earners in South Korea rose 3.3 percent from a year earlier in 2024, driven by higher earnings at foreign institutions, as well as in the financial and insurance sectors, government data showed Monday. The average monthly wage came to 3.75 million won ($2,595) as of December 2024, up 110,000 won from a year earlier, according to the data from the Ministry of Data and Statistics. Employees at international or foreign institutions saw their average monthly salary climb 5.5 percent on-year to 5.38 million won. Workers in the financial and insurance sector received the highest average monthly salary at 7.77 million won, up 3.1 percent from a year earlier. By company size, employees at large corporations earned an average of 6.13 million won per month, up 3.3 percent on-year, while those at small and medium-sized enterprises (SMEs) saw their wages increase 3 percent to 3.07 million won.
Monthly wage income rises 3.3% in 2024 on higher earnings at foreign institutions
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