South Korea is an example of accelerated economic development. At the moment, the unemployment rate in the country has decreased and average wages have increased. On the crest of the Korean wave, the country was flooded with those wishing to earn extra money.
Economic situation
The post-war crisis and poverty gave way to continuous economic growth. As one of the most developed Asian countries, South Korea is in the top 20 thriving economies.
GDP per capita has risen over the past 50 years from $ 65 to $ 27 800, which puts the country in 4th place in terms of gross domestic product in Asia. The projected growth bar is 40 000$.
According to the Better Life Index, which is compiled by the Organization for Economic Cooperation and Development, the indicators of life in the South Caucasus are as follows:
| Above average | Below the average |
| Living conditions. | The quality of the environment. |
| Civic engagement. | Personal well-being. |
| Education system. | Personal safety. |
| Getting professional skills. | Balance between rest and work. |
| Employment Opportunity. | Social connections. |
| Health status. |
After taxes, the average household adjusted income is $ 21,723 per year... The OECD average is 30 563$. At the same time, there is a significant gap in profits between the rich and the poor.
Income 20% the wealthiest stratum of society is almost 6 times more than income 20% the poorest representatives of the nation.
The employment rate is also slightly lower according to information provided by the OECD. Approximately 66% residents aged 15 to 64 have a stable paid job, which is 1% below average.
Monthly salary by occupation in 2021
In South Korea, there is practically no wary attitude towards visitors. Company leaders value employees for their hard work and diligence, regardless of nationality. Wages are "white". There are no additional payments in the envelope.
The salary level depends on both experience and the status of the company in the market. For instance, SAMSUNG pays large sums to employees. Otherwise, it may affect the corporate image.
If we consider the averages, after all taxes have been paid, the amounts are as follows:
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| Position | Salary, $ per month |
| Advertiser | 3000 |
| Policeman | 4000 |
| Cleaning woman | 1400 |
| Administrator | 3300 |
| Nurse | 1800 |
| Tourism manager | 3200 |
| Taxi driver | 50 per day |
| Loader | 1500 |
| Marketing Manager | 3400 |
| Driver | 3000 |
| Welder | 2800 |
| HR manager | 3600 |
| Worker | 1500 |
| Lawyer | 3800 |
| Builder | 2000 |
| Programmer | 4000 |
| Sales Manager | 3500 |
| Engineer | 3500 |
| Guide | 2500 |
| Fireman | 3500 |
| Teacher | 2700 |
| Business analyst | 4800 |
| An electrician | 3000 |
| Hostess | 2500 |
| Driver | 3200 |
| Engineer | 5000 |
| Nanny | 5 per hour |
| Salesman | 2300 |
| Housemaid | 1800 |
| Accountant | 2800 |
| Managerial positions | 7000 |
| Doctor | 3000 |
| Banker | 8500 |
| Dentist | 3400 |
The following professions are always in demand in the country:
- scientist;
- IT specialist;
- engineer;
- teacher.
Professionals are worth their weight in gold. IT specialists, for example, can earn from $ 15,000 and above... Knowledge of the Korean language is an essential prerequisite for employment.
Minimum wage
The official minimum wage for a Korean in 2021 is $ 7 per hour... Living wage for a month - 1050$... This amount is taken taking into account 16% an increase made at the beginning of the year.
The government plans to shorten the working week from 68 to 52 hours, which may affect the total amount of income. This decision was made with the aim of increasing fertility rates.
Average salary
The average salary in South Korea is within 2900$. In terms of salaries, Korea is ahead of such European countries as Portugal, Poland, Spain and the Czech Republic. Among Asian countries, this figure is also in a worthy place: in Japan it is slightly more than 3000$, and in China - 850$.
Employees of large companies earn about $ 58,000 annually, and employees of small companies earn about $ 31,000.
Average starting salary
South Korea is ranked in the top five of 190 countries in the Ease of Doing Business Index. A Russian migrant, as a rule, begins his career not with the creation of his own company, but with a job in the industrial sphere.
The starting salary is 660–700$ per month for women and 750–800$ for men. This figure may rise in a few months. up to $ 1000.
The main areas of work for visitors:
| Mens | Womens |
| Jeans sewing. | Work at light and food industries. |
| Building. | Seafood processing. |
| Farm work. | Confectionery manufacturing. |
| Extraction and processing of seafood. | Textile production. |
| Furniture manufacture. | |
| Watch. |
In most cases, the employer provides employees with a portable cabin and food.
Maximum salary
Most paid jobs in the country:
- general manager;
- university rector;
- Member of the National Assembly;
- high-ranking civil servant;
- pilot;
- plastic surgeon;
- specialist in the field of IT technologies.
The level of pay for such professions begins from $ 10,000 and above.
Labor remuneration by city and region
The amount of salary depends not only on the position held, but also on the region of the country. If in Seoul a factory worker receives up to 1000 $ monthly, then in the province his salary is 500$... The southern region of the country is more loyal to workers in terms of wages.
Payroll taxes
The tax system of the country is divided into 2 categories of taxes:
| National | Local |
| Direct: corporate, income tax, gift tax. | Regional: regional development tax, license fee. |
| Indirect: value-added, transport, for phone users, etc. | City: registration fee, excise tax on tobacco products. |
Payroll tax is national.
Income tax
The maximum income tax rate is 40%... Tax rates depending on the level of wages:
- 6% - profit up to 1/4 of the average salary;
- 15% - from 1/4 to average salary;
- 24% - from 1 to 2 average salary;
- 35% - from 2 to 6 average salaries;
- 40% - over 6 average salaries.
A few years ago, the maximum rate was 38%.
Social contributions and other taxes
The country's tax system has many types of government fees in its arsenal.
The most significant:
- VAT - 10%;
- real estate tax - from 0.5 to 2%;
- social insurance of employees - 8,4%;
- income tax - from 10 to 22%;
- tax on the acquisition of yachts, real estate, aircraft, etc. - 4% base rate, 12% for luxury purchases.
Due to the active development of exports, the government adopted the following tax breaks:
- discounts on indirect taxation in the production of export products;
- 50% discount on tax on profits from export operations.
In addition, taxes and duties on the import of intermediate goods have been abolished.
The ratio of salary and living expenses
Compared to the post-Soviet countries, the salary level in South Korea is high. The price range of goods and services is practically the same as in Moscow, St. Petersburg or southern European countries.
Nutrition
The cost of Korean products is several times more expensive than in Russia:
- bread - 2,5-4$;
- milk - 4,5$;
- meat - 8$;
- apples - 1,5$;
- beer - 3–8$;
- fruit - 1–3$.
The cost of lunch in a cafe - 6,5$, dinner at an inexpensive restaurant for two - 35$.
Cloth
The cost of branded items is quite expensive:
- a pair of jeans - 80$;
- summer dress - 50$;
- a pair of running shoes - 100$.
Clothes of a domestic manufacturer are cheaper than in the Russian Federation.
Lodging
The cost of a one-room apartment in a residential area is within 1000$, in the center - from 1800$... In the suburbs, you can rent a small apartment for 400$.
The medicine
Korean medicine is expensive. But health insurance makes life much easier for Koreans.The cost of treatment for 30% lower than in the USA or Europe.
As examples:
- package "Basic Oncology" - 1500$;
- heart valve replacement - from $ 15,000 (in the USA - up to $ 200,000);
- childbirth - from 3000 to 5000 $;
- removal of a tooth - 150$.
Facial surgery cost varies from $ 5,000 to $ 10,000.
Public Utilities
The cost of heating, garbage disposal, electricity and water supply for an apartment with a total area 85 sqm is 150$. Monthly Internet subscription fee - 23$.
Travel
A standard taxi ride is $ 8, public transport is 1$... A liter of gasoline costs 1,8$.
Tax
For a long period, South Korea held the position of a country with a low aggregate tax burden. Tax rates have increased over the past few years.
Unemployment Rate and Prospects for Migrants
At the beginning of 2021, the unemployment rate was 3,6%... However, this indicator increased in March. up to 4%... Experts have noted the deterioration in the employment of citizens for 4 years in a row.
For migrants, the prospects are twofold. On the one hand, a qualified specialist with knowledge of the language will be in demand in any country. On the other hand, most migrants get a job in production and receive about 1000 $, which is not a sufficient amount for a comfortable life in Korea. Career growth depends on how much time and effort a person is willing to invest in it.
