This is about information to Help You Find a Job and Make Money in Korea. Not long ago, while watching YouTube, I met a friend of the owner of a YouTube channel in Denmark who wanted to come to Korea for a job. I mentioned that I was also looking for a job in Korea. However, due to the Korean Wave, many people aspire to work in Korea. So, I decided to summarize the essential information you need to know if you want to find a job and earn money in Korea, including details about salary, rent, and taxes.
Salary:
You might be wondering about the average salary when working in a Korean workplace. According to the ‘2021 Wage, Employment, and Income Results Report’ by Statistics Korea, the average income of Korean workers is 3.33 million won per month (approximately $2,450) when divided into 10 categories. When incomes are arranged in ascending order, the median income, located at the exact center, is 2.5 million won. In Korean workplaces, there is a significant income gap between large corporations and small and medium-sized businesses. Large corporations have an average income of 5.63 million won, whereas small and medium-sized enterprises have an average income of 2.66 million won. Nowadays, global inflation is a concern, and prices in Korea have also increased significantly. Everything, including housing and food, has become so expensive that one might wonder how to cover monthly expenses with a salary like this.
The average income varies by age, with workers in their 40s earning the highest at 4.14 million won, followed by those in their 50s at 3.88 million won, workers in their 30s at 3.6 million won, and those in their 20s at 2.4 million won. While the retirement age for large corporations is 60 years, the average retirement age in Korea is 49 years.
In 2018, the college completion rate of Korea’s young people (25 to 34 years old) was over 70%. For women, the age of employment is 24, and for men, the age of employment is 18 months, which is mandatory for all Korean citizens, so they can get a job after the age of 26. The average competition rate for hiring new college graduates expected by companies in 2023 is 81:1, which is higher than last year. The bigger the company, the better the benefits and higher the salary, the more difficult it is to get a job, and the fiercer the competition. However, in the case of the 3D industry, which is avoided by statistical figures, the reality in Korea is that although there are many jobs, there are not many job seekers who want to work there.
Rent:
In Korea, the population is concentrated around Seoul, but prices in Seoul are much higher than in other regions. According to analysis data from a real estate information platform in 2023, the average monthly rent for a one-room apartment in major university areas in Seoul is about 590,000 won (about $434) based on a deposit of 10 million won (about $7,358). However, around university areas such as Hongik University, Ewha Womans University, Sogang University, and Yonsei University, the price is usually over 600,000 won, and in many cases, it is over 800,000 won. In the case of Gangnam, the deposit is 300 million won, and the monthly rent is 2 to 3 million won. The better the location and the more spacious the apartment, the more expensive the price. However, Korea has a unique system called ‘Jeonse’, which is a housing contract system that allows you to live without monthly rent by paying a deposit for a two-year contract period. This is a Korean system that cannot be found in other countries, and monthly rent contracts are gradually becoming more common than jeonse systems. If you have a lump sum, you won’t have to pay rent every month, but this continues to be an issue in Korea due to the many jeonse scams. Although the government is making efforts to provide legal protection, there are people who try to exploit loopholes in the law to commit rent fraud, so victims continue to arise. Instead of renting a house, such as jeonse or monthly rent, you can also buy a house. When you buy a house, an acquisition tax ranging from 1.1% to up to 1.4% of the real estate price, annual property tax, and health insurance premiums are applied depending on the house price, which affects the monthly health insurance premium.
Tax:
When you stay in Korea, you will have to pay health insurance premiums, which are set on an individual basis depending on your income or assets. The average insurance premium in 2023 is 143,840 won, including long-term care insurance premium.
If your income is less than 3.6 million won, and your property tax rate is less than 135 million won, you can receive a 30-50% discount depending on your visa status.
(30% for religious (D-6), humanitarian stay permit holders (G-1-6) and their families (G-1-12), study abroad (D-2), general training (D-4), overseas Koreans ( F-4) International students, 50% for international students).
Benefits of Staying in Korea:
Recently, there has been an increase in foreign appearances, such as foreigners staying in Korea who are fluent in Korean appearing on TV and having discussions, or their friends traveling to Korea and filming entertainment programs. If you learn Korean quickly, you may be able to appear on TV and earn much more money than the salary I mentioned earlier. It would be great to have such an opportunity, but aside from the benefits of staying in Korea, let me tell you about the good things about living in Korea that many foreigners say.
Delivery Food:
Korea has a good delivery app, so you can order Chinese, Japanese, Korean, Western food, etc., all night long. The food is delicious, and there is a system where you can get your order delivered within 40 minutes. It’s a huge advantage to have delivery even at night when you’re hungry.
24-hour Convenience Stores:
When you travel, you often find that you can’t buy anything because all the stores are closed after 9 p.m. In Korea, there are many 24-hour convenience stores, so it is convenient to be able to buy food or emergency medicine at convenience stores even late at night.
Medical Expenses:
Not long ago, an American friend went to a Korean dentist for treatment and was surprised at how much it cost. You can receive high-quality medical services relatively inexpensively.
Internet Speed:
When I live in Korea and travel abroad, I often feel frustrated because the internet is so slow wherever I go. We are proud that our internet speed is the best in the world. You can use free Wi-Fi wherever you go, and the speed is also fast. Unlimited Internet access can be installed at home by paying about 20,000-30,000 won (about 15-22 dollars) per month. Downloading large movies takes only a few minutes, and high-quality photos can be exchanged quickly, allowing you to use the Internet conveniently.
Conclusion:
Nowadays, the Internet has developed, and we can look into any part of the world from the corner of our room. However, when you want to know in detail about a specific country, there are many cases where the information is outdated or does not reflect the current situation. So, I can’t write in detail, but I wanted to convey information about Korea’s current situation. I sincerely hope that everyone who wants to live in Korea achieves what they wish.