South Korea: Labor cost
* indicates monthly or quarterly data series
The most recent value is 122.4 index points as of Q3 2024, an increase compared to the previous value of 114.7 index points. Historically, the average for South Korea from Q1 2011 to Q3 2024 is 90.93 index points. The minimum of 63.3 index points was recorded in Q2 2011, while the maximum of 125.5 index points was reached in Q1 2024.
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* indicates monthly or quarterly data series
- Measure: index points
- Source: Economic Statistics System (South Korea)
| Recent values | South Korea: Labor cost index |
|---|---|
| 2024 Q3 | 122.4 |
| 2024 Q2 | 114.7 |
| 2024 Q1 | 125.5 |
| 2023 Q4 | 118.6 |
| 2023 Q3 | 117.1 |
| 2023 Q2 | 108.7 |
| 2023 Q1 | 121 |
| 2022 Q4 | 108.7 |
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Definition: The index reflects the level of the total compensation of employees in the economy. Labor costs are defined as core expenditure borne by employers for the purpose of employing staff. They include employee compensation, with wages and salaries in cash and in kind, employers' social security contributions and employment taxes regarded as labor costs minus any subsidies received.
| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Labor force | 29.70 | 2023 | million people |
| Unemployment rate | 2.64 | 2023 | percent |
| Female unemployment | 2.69 | 2023 | percent |
| Male unemployment | 2.61 | 2023 | percent |
| Youth unemployment | 5.37 | 2023 | percent |
| Labor force participation | 64.51 | 2023 | percent |
| Labor force: percent female | 43.48 | 2023 | percent |
| Female labor force participation | 55.77 | 2023 | percent |
| Male labor force participation | 73.34 | 2023 | percent |
| Hours worked | 1,895.79 | 2023 | hours |
| Self-employment | 23.45 | 2022 | percent |
| Employment | 28.04 | 12/2024 | million employed people |
| Unemployment rate | 3.80 | 12/2024 | percent |
| Labor cost | 122.40 | Q3/2024 | index points |