Seoul: The average monthly salary of wage earners in South Korea rose by 3.3 percent in 2024, driven by higher earnings at foreign institutions, as well as in the financial and insurance sectors, government data revealed Monday.

According to Yonhap News Agency, the average monthly wage reached 3.75 million won (US$2,595) as of December 2024, marking an increase of 110,000 won from the previous year. Employees at international or foreign institutions experienced a 5.5 percent rise in their average monthly salary, reaching 5.38 million won.

Workers in the financial and insurance sector earned the highest average monthly salary at 7.77 million won, which represents a 3.1 percent increase from a year earlier.

When analyzed by company size, employees at large corporations reported an average monthly income of 6.13 million won, which is a 3.3 percent increase on-year. Meanwhile, those working in small and medium-sized enterprises (SMEs) saw their wages climb by 3 percent to an average of 3.07 million won.