Engineering Average Salaries in Korea (South) 2023

How much money does a person working in Engineering make in Korea (South)?

Average Monthly Salary

3,280,000 KRW

( 39,400,000 KRW yearly)

LOW
1,040,000
KRW AVERAGE
3,280,000
KRW HIGH
6,940,000
KRW

Salaries for specific jobs

Engineering Jobs Pay Scale and Salaries in Korea (South)

Salary Structure and Pay Scale Comparison

5% of people earn
3,440,000 KRW or more

10% of people earn
2,840,000 to 3,440,000 KRW

20% of people earn
1,530,000 KRW or less

65% of people earn
1,530,000 to 2,840,000 KRW

Minimum Salary 1,040,000 KRW

Median 2,970,000 KRW

Maximum 6,940,000 KRW

Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

• Salary Range, Minimum Wage, and Starting Salary

  Salaries in Engineering in Korea (South) range from 1,040,000 KRW (starting average salary) to 6,940,000 KRW (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

• Median Salary

  The median income in the field of Engineering is 2,970,000 KRW, implying that half of the workforce in Korea (South) earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

• Percentiles and Salary Scale

  Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Engineering in Korea (South) earn less than 2,230,000 KRW, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 3,680,000 KRW, while 25% earn more than that.

• Pay Scale Structure

  Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Engineering in Korea (South). The analysis revealed that roughly 65% of all reported salaries fell within the range of 1,530,000 KRW to 2,840,000 KRW. Approximately 20% of salaries were below the 1,530,000 KRW mark, while 10% ranged from 2,840,000 KRW to 3,440,000 KRW. Only 5% of individuals earned a gross salary of 3,440,000 KRW or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage.

Generally speaking, employees in Engineering in Korea (South) having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

Salary Comparison By Education

How does the education level affect your salary?

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income?

We compared the salaries of professionals at the same level but with different college degree levels across many jobs in Engineering in Korea (South), below are our findings.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a certificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.

Salary and Compensation Comparison By Gender / Engineering / Korea (South)

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Engineering in Korea (South), the average difference between the salary of male and female employees is 6%.

Salary Comparison By Gender in Korea (South) for all Careers

Average Annual Salary Increment Percentage / Engineering / Korea (South)

How much are annual salary increments in Korea (South) for individuals working in Engineering? How often do employees get salary raises?

Professionals working in Engineering in Korea (South) are likely to observe a salary increase of approximately 10% every 15 months. The national average annual increment for all professions combined is 9% granted to employees every 16 months.

Korea (South) / All Professions

The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency

Annual Increment Rate By Industry 2022

Listed above are the average annual increase rates for each industry in Korea (South) for the year 2022. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.

Worldwide Salary Raises: All Countries and All Jobs

Bonus and Incentive Rates / Engineering / Korea (South)

How much and how often are bonuses being awarded?

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46% of surveyed staff in Engineering reported that they haven't received any bonuses or incentives in the previous year while 54% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus		54%
No Bonus		46%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.

What makes a position worthy of good bonuses and a high salary?

Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Salary Forecast and Trend / Engineering / Korea (South)

How are salaries changing over time? Listed below is a chart that shows the average salary in recent years.

Salaries for individuals working in Engineering in Korea (South) are rising in the year 2023 based on recently submitted salaries and reports. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from one industry to another.

Hourly Average Wage / Engineering / Korea (South)

18,900 KRW per hour

The average hourly wage (pay per hour) in Engineering in Korea (South) is 18,900 KRW.This is the rate they get paid for every worked hour.

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Engineering in Korea (South) is 6,010 KRW. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Engineering VS Other Jobs

Salary Comparison By City

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Korea (South) is 6% on average across all career fields.

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Engineering in Korea (South)?

A good and competitive compensation would range anywhere between 2,970,000 KRW and 3,680,000 KRW. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Engineering in Korea (South) ranges from 2,230,000 KRW to 3,680,000 KRW. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.