Average Monthly Wage in Korea Increases 3.3% in 2024, Supported by Foreign Institutions
The average monthly wage in Korea increased by 3.3% in 2024, driven by contributions from foreign institutions, finance, and insurance sectors. Kakao Mobility secured a contract to deliver mobility solutions for Saudi Arabia's Diriyah project. Additionally, foreign shoppers significantly contributed to revenue growth in Korean department stores. In the defense sector, HD Heavy Hyundai delivered a vessel to the Philippine Navy ahead of schedule. The construction sector is facing challenges with small and midsize firms recording high delinquency rates in 2025.
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In 2024, the average monthly wage in Korea rose by 3.3%, influenced by foreign institutions and the finance and insurance sectors. Kakao Mobility signed a contract to provide mobility solutions for the Diriyah project in Saudi Arabia.
Foreign shoppers have emerged as a key growth driver for Korean department stores. HD Heavy Hyundai delivered a vessel to the Philippine Navy nearly five months ahead of schedule. Conversely, small and midsize construction firms reported a record delinquency rate in 2025 as the sector continues to struggle.
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