South Korean presidential elections underway: Yoon Suk Yeol's successor to end months of turmoil | All we know

South Koreans are voting for a new president today (May 3) to end months of political turmoil that was sparked after former President Yoon Suk Yeol attempted to impose martial law in December 2024. The new leader will face the challenge of stabilizing the political chaos as well as the economy that is reeling after unpredictable trade tariffs by the United States, a major trading partner and a security ally.

As per news agency Reuters, turnout is expected to be high with polls open between 6 a.m. (2100 GMT Monday) until 8 p.m. following early voting when more than a third of the 44.39 million eligible voters cast their ballots.

As of 11 a.m., 8.1 million people, or just over 18% of the electorate, had voted at 14,295 polling stations around the country, according to the National Election Commission.

Here's all you need to know

1. Liberal frontrunner is Lee Jae-myung from Democratic Party of Korea (DP) and his rival is conservative Kim Moon-soo representing People Power Party (PPP). The candidates vowed to put months of turmoil behind them and breathe new life into an ailing economy.

2. Three weeks of official campaigning ended late on Monday. While Lee during the campaign advocated more equity and help for mid-to-low-income families, Kim campaigned on giving businesses more freedom from regulations and labour strife.

3. Kim, however, is looming under the shadow of the previous Yoon government and its policies as he was Yoon's labour minister when the former president declared martial law on December 3. Lee has called the election "judgment day" against Kim and his People Power Party accusing them of having condoned the martial law attempt by not fighting harder to thwart it. The conservative Kim, on the other hand, has branded Lee a "dictator" and his Democratic Party a “monster.”

4. Exit polls conducted by three television networks will be released at the close of the polls at 8 p.m.

5. The frontrunner Lee and his rival Kim cast their ballots during early voting last week. Yoon and his wife voted at a school near their private residence on Tuesday. A poll survey predicted Lee as the winner.

6. Ballots will be sorted and counted by machine first, then triple-checked by election officials by hand to verify accuracy. The National Election Commission is scheduled to certify the result on Wednesday (June 4) and the winner's inauguration is expected within hours.

7. There will be no presidential transition of two months as the office has remained vacant since Yoon was impeached by parliament and then removed by the Constitutional Court on April 4.