You're correct, WAY below minimum wage. South Korea's economy is actually starting(well has been) doing better than the US economy if you look at the exchange rate changes over the last few years. The won/dollar rate has gone from 1200 about 3 years ago to around 950 now, about a 30% difference. Standard of living is basically the same, though the average salary is still a bit lower(but so are the costs of living, so it equals out).
I'd find it hard to believe there are any "companies" out there using Korean children to farm items in any MMPROG. It's not worth it money wise, legally, not to mention kids here tend to go to schools(public and private) from 7am to about 10-11pm 6 days a week.
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