Now that we 퀸알바 have seen average wages in Korea, and how they differ depending on different factors, let us look at what people in different occupations make. As with every country, average salaries in South Korea may differ depending on a variety of factors, including the role you play, hours you work, years of experience, job market, and industry.
The reported pay rates for faculty jobs in universities in South Korea fluctuate, but generally range from around 2.3-5 million Korean Won ($2,060-$3,140) a month. In South Korea, one can expect to make another 1-2 million South Korean Won ($ 900- $1,800) depending on how many hours one works. The average teacher salary for a program like GEPIK (Gyeonggi English Programme in Korea) is 2-2.5 million South Korean Won. Teacher salaries for the TALK (Teach & Learn in Korea) program are limited to 1.5 million South Korean won, since it is designed more like an internship rather than a job.
The average teacher salary in the Hagwon, or private Korean academy, is between 1.9-2.3 million won ($1,700-$2,050) a month. Working hours are usually 30-35 hours a week, with teachers earning salaries ranging from 2-2.4 million won a month, with potential for higher earnings depending on experience. In addition to the free housing benefits teachers receive, they can expect to make between 1.5 million to 3 million Won a month. Teachers salaries are some of the highest in the world, with teachers earning $16,000-37,000 annually ($1,350-3,100/month).
At international schools, you may make 1.8-2.8 million Won ($ 1,600-$ 2,500) a month as an English teacher. The going rate for a teacher is about 25,000-50,000 Won an hour, but some highly experienced teachers may charge as much as 75,000 Won. Many schools will offer opportunities for extra hours, paying about 20,000 Won for each hours of instruction. One thing to keep in mind is that, as an English teacher in a hagwon, you will receive around seven to 10 days of leave a year, less than in a state-school job.
Here are a few jobs that would make you $1 million after 10-12 years. Heres a look at nine jobs where you could rack up $1 million in total earnings over the course of roughly ten years, give or take.
Outside of professional jobs, the best way to get a $100 million paycheck is by working at a conglomerate. Other careers that many people dream about are college professors and lawyers (75,000 USD). As we see, army officers (58,000 USD) are also a well-paid occupation. Similar to lawyers, your initial salary is relatively higher after obtaining certification in accounting (68,000 USD).
Urology is the sixth-most profitable career, with a median annual salary around 125.3 million Won (97,600 USD). A psychiatrist earns a median annual salary of 136 million won (106,000 USD), ranking them 2nd on South Koreas highest-paid JABs. The median annual earnings of psychiatrists were 92.5 million won (72,000 USD) in 2019, ranking them sixteenth out of all occupations, according to a survey.
The average annual wage was around 120 million won (93,700 USD) in 2021, ranking 9th among Koreas highest paid. For example, Koreas average monthly salary is 3960,000 won ($3301.19 USD). As of 2022, the average Korean worker is paid approximately 46,600,000 KRW (USD 3257.33) annually before income taxes.
On average, South Korean salaries may vary between approximately 983,000 KRW (USD 819.46) a month on the lower end and 17,400,000 KRW (USD 1,4505.21) a month on the upper end. These average salary numbers may give an idea of South Koreas economy and labor market, helping you to make educated business decisions. The Korean Work Info Report contains rankings for average Korean salaries per year.
According to Worknet, a reliable job information source certified by the Korean Ministry of Employment and Labour, the annual salary for a National Assembly Member is approximately KRW145 million (US$113,000). This is an enormous amount when compared with the average of Korean workers, who earned 33.87 million won in 2016, according to data from the Korea Economic Research Institute. According to the Korean Taxpayers Association, a non-governmental organization for taxpayers, a worker earning 100 million won gets roughly 19% of their income deducted for taxes and health care payments. After paying 10.99 million won in earned income taxes, 2.34 million won in state pensions, 3.26 million won in medical insurance, and 650,000 won in labor insurance, their actual annual income drops to 80.6 million won.
Their salaries might sound higher, but actually, many of the highest-earning people in Korea are employed by the massive entertainment industry. Some occupations are highly paid in Korea, and many families invest large sums in educating their kids, hoping it will improve the chances that their child will land a high-profile, profitable job. As an English teacher in Korea, you can enjoy some of the worlds most fulfilling jobs, while also earning good money.
South Korea also offers work-holiday visas, however, you cannot teach English on this visa since you cannot be employed in a professional job or full-time, however, if you want to give teaching English part-time a go, this might be a great opportunity for a trip to South Korea. That is not to say private tutoring does not occur; plenty of teachers do this under the table in order to make a few extra Won, but if caught, this could be a fast track to losing your job, getting hit with a big fine, and being kicked out of South Korea. When you have 10 million in net worth, or 10 million dollars of investable assets, you are probably going to want to put your kids through private school.
The average salary in Korea is about 3890,000 Korean won (South Korean won) per month, or $3257.33 USD (as of the exchange rate of February 2022, 1 Korean won = 0.0083 USD).