Today's Korean Minimum Wage in Pounds
All-time high in KRW — but in Pounds, roughly 2025 levels
Pounds Min. Wage Trend · 1988–Today
vs peak ▼ -11.0%Quarterly avg + recent monthly + today live — peak £6.21 → today £5.53
Global Purchasing Power — What can Korean wages buy locally?
How far Korea's minimum wage (₩10,320) goes in each country — switch between local and Korea tabs to compare
1 Big Mac = 57 min of work
£5.29 (United Kingdom)
Purchasing Power — How long to buy one?
How many hours of minimum wage (2026 ₩10,320) to buy one item — tap a tab to switch
One bowl = 50 min of work
1 bowl = ₩8,654
Seoul dining avg ₩8,654 (2026, Korea Consumer Agency)
Hours needed over the years — Hours to afford one item per year — item price / hourly wage of that year
Breakdown — KRW Minimum Wage
Applied rate ₩1,866.99 / £1Steps up once each January — never once cut (shown as a smooth trend)
Pounds Wage Rankings
Based on annual average FX rate — 1988–2025
▲ TOP 5Highest years
| Year | Pounds | KRW |
|---|---|---|
| 2023 | £5.93 | ₩9,620 |
| 2022 | £5.75 | ₩9,160 |
| 2020 | £5.68 | ₩8,590 |
| 2024 | £5.66 | ₩9,860 |
| 2019 | £5.61 | ₩8,350 |
▼ BOTTOM 5Lowest years
| Year | Pounds | KRW |
|---|---|---|
| 1988 | £0.36 | ₩462.5 |
| 1989 | £0.55 | ₩600 |
| 1990 | £0.55 | ₩690 |
| 1991 | £0.63 | ₩820 |
| 1998 | £0.66 | ₩1,525 |
Frequently Asked Questions
Which year was Korea's minimum wage highest in Pounds?
2023, at £5.93 — the highest ever. This is the Pounds-converted value, which factors in the exchange rate, not just the KRW wage.
Which year was Korea's minimum wage lowest in Pounds?
1988, at £0.36 — the lowest on record. That's a year when the Pounds was strong or the KRW wage itself was small.
The KRW wage rose every year — did it always rise in Pounds too?
No — the KRW wage was raised every year, but exchange rates pushed the Pounds value below the prior year in 6 of them.
Has Korea's minimum wage ever been frozen or cut?
Never cut — it rose from 462.5 KRW in 1988 to 10,320 KRW in 2026 with no reduction, and was frozen only once (in 2009).
How many times the lowest is the highest year in Pounds?
About 16.7×. The same Korean minimum wage spreads this much in Pounds terms depending on the exchange rate.
How far back does the data go?
Since 1988 — 38 years of year-by-year converted values.
When did Korea's minimum wage system take effect?
In 1988 — the first-year minimum wage was 462.5 KRW, and it has risen to 10,320 KRW in 2026.
What is the monthly minimum wage in 2026?
2,156,880 KRW before tax — the 10,320 KRW hourly wage times the government basis of 209 hours a month (40 work hours a week plus 8 paid weekly-holiday hours).
Does the monthly figure include the paid weekly-holiday allowance?
Yes — the 209 monthly hours used for the conversion are the government basis of 40 actual work hours plus 8 paid weekly-holiday hours a week, so the weekly-holiday allowance is already included.
Why does the Pounds value change every day?
The KRW minimum wage itself stays the same, but the KRW/Pounds exchange rate moves every day. The same wage converts to a higher or lower Pounds value as the rate shifts.
Is the Pounds value shown before tax or take-home?
It's before tax — the statutory minimum wage converted to Pounds before income tax and social-insurance deductions, so the actual take-home amount is a little lower.
How many Big Macs can today's minimum wage buy in London?
About 1.0 at the recent exchange rate — one hour of Korea's minimum wage divided by the local Big Mac price in London.