Samsung Electronics heardquarters in Seocho District (Image courtesy of Yonhap)
SEOUL, Feb. 20 (Korea Bizwire) — The average annual salary for employees at Samsung Electronics in 2024 was approximately KRW 128 million ($88,930), reflecting a 7% increase from the previous year, according to a report by the Korea CXO Institute released on February 20.
The analysis, based on recently submitted audit reports, examined salary trends, total labor costs, and the company’s National Pension Service (NPS) subscriber data. The study included all employees except registered executives, focusing on non-executive managers and general staff.
Samsung Electronics’ total employee compensation (including salaries and retirement benefits) in 2024 was estimated at KRW 16.16 trillion. Based on projected figures for its annual business report, the total payroll is expected to be between KRW 15.68 trillion and KRW 16.24 trillion.
The total number of employees, based on mid-year financial filings, was estimated at 125,000, leading to an average annual salary range of KRW 125 million to KRW 129.9 million. The KRW 128 million estimate represents an increase of KRW 8 million from the KRW 120 million reported in 2023.
Samsung Electronics’ Seocho building in Seoul (Image courtesy of Yonhap)
The labor cost-to-revenue ratio for Samsung Electronics returned to a single-digit figure of 9.4% in 2024, down from 10.6% in 2023. Over the past decade, this ratio has typically ranged between 8% and 9%, only exceeding 10% for the first time in 2023. The consolidated financial statements also showed a decline in the labor cost ratio, dropping from 14.7% in 2023 to 13.7% in 2024.
Samsung Electronics’ workforce increased by 3.9% year-on-year, from 120,877 employees in December 2023 to 125,593 in December 2024, based on NPS enrollment data. The company hired 10,960 new employees last year while 6,459 left.
March saw the highest number of new hires (2,415 or 22%), followed by February (1,850 or 16.9%) and August (1,178 or 10.7%). Unlike previous years, when March typically recorded the highest attrition, December had the most resignations in 2024, with 884 employees (13.7%) leaving the company.
“The data suggests that Samsung Electronics made significant financial efforts to bring its labor cost ratio below 10% in 2024,” said Oh Il-seon, head of the Korea CXO Institute. “In 2025, a key challenge for the company will be balancing talent retention with labor cost optimization as part of its broader management strategy.”
* Note to editor: The KRW-to-USD exchange rate referenced in the article is based on the rate applicable on the date of publication.
Ashley Song (ashley@koreabizwire.com)
