Member of the four Asian dragons, South Korea is also the 9th most powerful country in the world ahead of Singapore, Switzerland and the United Arab Emirates according to the “Best countries” ranking established by US News and World Report. Decryption in the land of new technologies.
The average salary
According to the database Numbeo the average salary in South Korea amounts to 2,780,988 KRW. Although the figures are tempting, you should know that one South Korean won (KRW) is equivalent to €0.00071. So the average salary is €1981.79.
| City | Average salary |
|---|---|
| Busan | €1,890.88 |
| Cheonan | €1,559.06 |
| Chuncheon | €1,908.23 |
| Daegu | €1,803.28 |
| Daejeon | €2,323.80 |
| Gwanju | €2,768.70 |
| Incheon | €2,356.51 |
| Jeonju | €1,689.86 |
| Pohang | €2,205.02 |
| Seoul | €2,077.12 |
| Suncheon | €2,329.81 |
| Ulsan | €1,465.91 |
| Wonju | €2,426.42 |
The South Korean minimum wage is 8590 won per hour or €6.4. Per month, this represents 1,795,310 won, or €1271.03.
While the median income in 2018 was 2,200,000 won, or €1,556.87 are the National Institute of Statistics Kostat.
However, in terms of equal pay between men and women, South Korea is considered the worst performer among OECD countries. In fact, the country has a gender pay gap of 32.9%. While the average for OECD countries is 13%. In 2017, men perceived 3,470,000 won (€2,690) against 2,250,000 won (€1745) for women. Men received 1.5 times more than women.
Namely:
- The currency of South Korea is the South Korean won, whose sign is ₩. The won has been established since 1962 to replace the hwan.
The cost of living
The cost of living in South Korea is estimated to be 4.6% lower than in France. For example, you will have to pay KRW 685,982 (€488.84) on average to rent a studio in the city center, i.e. the equivalent of rent in Marseille, Montpellier or even Lille according to theUNEF.
Knowing that this cost varies between 400,000 KRW (285.05€) and 1,350,000 KRW (962.04€).
| City | Average rent |
|---|---|
| Busan | €380.63 |
| Changwon | €249.68 |
| Chuncheon | €443.08 |
| Chuncheon | €286.24 |
| Daegu | €324.40 |
| Daejeon | €562.21 |
| Gumi | €248.99 |
| Gwanju | €284.35 |
| Incheon | €467.69 |
| Jeonju | €378.65 |
| Pohang | €256.09 |
| Seoul | €676.37 |
| Suncheon | €232.98 |
| Ulsan | €393.55 |
| Wonju | €304.41 |
| Yeosu | €312.28 |
Sectors that are recruiting
Firstly, the service sector is the most important as well as the most dynamic. Indeed, it represents 53.5% of GDP in 2019 and employs nearly 71% of the active population. The areas of activity in this sector are information and electronic technologies, the railway industry and the automobile industry.
Secondly, we find the industry sector contributes 35.1% to the country’s GDP and employs 24.8% of the active population. The main industries are steel, automobile manufacturing, shipbuilding, textiles and electronics.
THE tourism was also one of the most active sectors before the arrival of COVID-19 with growth of 14% in 2019. In 2018, South Korea was the 30th country to welcome the most international visitors (13,336,000) according to the World Tourism Organization (UNWTO) ahead of Vietnam (32nd) or ahead of Australia (41st). However, a certain category of tourists choose to go to Korea for medical tourism.
However, according to the FKCCI (Franco-Korean Chamber of Commerce and Industry)South Korea has a few sectors with strong growth potential such as:
- Biotechnologies : new biological drugs, new medical technologies;
- Cosmetics : Korean products are among the leaders on the cosmetics market in Asia, not to mention it is the country where men spend the most on cosmetic care;
- Luxury : Korea is the third country in Asia behind China and Japan in the luxury goods market. Besides, Koreans have a weakness for French products!
- Robotics : mainly in R&D of new technologies, also on nanomaterials. France has a strong presence in this sector thanks to the French Tech Community in Seoul, of which the FKCCI is one of the founders. An event not to be missed for French and Korean start-ups;
- Health and the “Silver Economy” : In the medium term, around 7 million Koreans will benefit from e-health services (teleassistance, home treatment, telediagnosis);
- The textile industry and ready-to-wear : The arrival of Korean designers has swept away the image of low-end clothing that Korea could have had. The sector represented 22.6 billion euros in 2016;
- Sports: Koreans love sports, in particular golf, hiking, football, baseball and mountain sports. Consequently, the demand for sports equipment is growing strongly!
Namely:
- South Korea is the world’s largest producer of semiconductors;
- In 2018, more than 200 French companies decided to set up in South Korea!
Finding a job in South Korea
As a Grande École graduate, it is possible to find opportunities in international groups via specific company tests or via foreign talent hiring sessions. Korean recruiters are mainly looking for profiles with a Master of Business and Administration (MBA), a Master of Science (MSc) or even a PhD.
Otherwise, you can opt for the VIE solution. This allows all graduates, aged 18 to 28, to propel their careers internationally! Not to mention that the total compensation is €2872.49, well beyond the average Korean salary! It is obvious that profiles who master the language of the land of Morning Calm will have a better chance of getting a job! Otherwise, you will absolutely need to master English to facilitate your research and your future stay.
Namely:
- The legal duration of work is set at 52 hours per week against 68 hours previously, although the Koreans regularly exceeded this legal duration;
