Where the money goes
With an annual salary of ₩24,000,000, your gross pay is ₩2,000,000 a month. After the four social insurances and income tax, about ₩1,784,190 reaches your bank account each month — 89.2% of your gross pay.
Social insurance takes ₩194,340 a month and income tax (with the 10% local income tax on top) takes ₩21,470. The largest single deduction is National Pension at ₩95,000. Over a full year that is about ₩2,332,080 in insurance and ₩257,640 in tax.
Income tax is low at this salary: the withholding table takes only ₩19,520 a month. Most of what you pay goes to the social insurances, which also earn you health cover and pension rights.
Compared with the minimum wage
₩2,000,000 a month works out to ₩9,569 an hour for a full-time job (209 paid hours a month, including weekly holiday pay). That is below the 2026 minimum wage of ₩10,320 an hour, which is ₩2,156,880 a month for 40 hours a week. If you work full time, check your contract with your employer or the labour ministry (call 1350). A lower salary can be legal if your contract has fewer hours.
What a raise is worth
Moving up to ₩2.1M a month adds ₩100,000 to your gross pay but ₩86,750 to your take-home pay each month — you keep about 87% of the raise.
Severance at this salary
After working at least one year (15+ hours a week), you are owed severance pay (퇴직금) when you leave: roughly one month of average pay for each year — about ₩2,000,000 per year at this salary, more if you get bonuses. It must be paid within 14 days of your last day and is taxed separately. Work out your exact severance →
For foreign employees
- National Pension exemption. Nationals of some countries do not pay into the National Pension. Without it you would take home ₩1,879,190 a month. Many people who do pay can claim a lump-sum refund when they leave Korea for good, depending on nationality.
- “Severance included” contracts. If your contract says the ₩24,000,000 includes severance (퇴직금 포함), it is split into 13 parts, so your monthly take-home pay is about ₩1,649,253, and the 13th part is paid when you leave.
- Employment Insurance. Required for some visas, optional or not available for others. Not enrolled: ₩1,802,190 a month.
- Flat tax option. Foreign employees can in some cases choose a special flat income tax rate instead of the normal rates. Ask your employer or the National Tax Service (call 126, English available).
Questions
How much tax do I pay on ₩24,000,000 in Korea?
About ₩19,520 income tax plus ₩1,950 local income tax a month — ₩257,640 a year — withheld from your pay. Your final tax is settled in the year-end tax settlement (연말정산) each February, which can give you a refund or a small bill.
How much is ₩24,000,000 a month?
₩2,000,000 before deductions and about ₩1,784,190 after.
Is the take-home pay the same every month?
Usually, yes, apart from bonuses and overtime. Insurance premiums are adjusted once a year, and the February year-end tax settlement can change one month’s pay.
Estimate for 2026 using the National Pension, health, long-term care and employment insurance rates as of October 2026 and the National Tax Service simplified withholding table. Single employee, no tax-free allowance, unless stated.