Korean minimum wage. Facts and statistics about North Korea North The Minimum Wage Commission, composed of representatives from the business, labor, and public sectors, has agreed to raise the minimum wage by 1. This is the largest increase (1060 won) since 2001 (16. North Korea's minimum wage was last changed in 1-Jan-2014. 5 percent to 9,860 won ($7. Most countries have a nation-wide minimum wage that all workers must be paid. The Minimum Wage Commission meets on July 11, 2024. This is based on an 8-hour workday over five days a week. South Extrapolated to a monthly salary based on a 40-hour workweek, or 209 hours per month, the amount comes to ₩2,390,124. The minimum wage in Korea will rise to 10,030 won ($7. How does South Korea's minimum wage compare to the minimum wage in other countries? South Korea's yearly minimum wage In 2024, the national minimum wage in South Korea remained fixed at €1,437. 000 KRW for Nov 2025. The commission is obliged to complete its South Korea has set its minimum wage for 2026 at 10,320 won ($7. Minimum hourly wages have more than doubled since 2011. 2025년 최저임금은 시간당 10,030원이며, 모든 사업장의 근로자는 업종 및 지역에 관계없이 최저임금 South Korea Minimum Wage Board has set the legal minimum wage for 2024 at 9860 won, a 2. The effectiveness and feasibility of minimum wage increases are greatly debated topics. This translates to a monthly salary of 2,096,270 KRW, based on a 40-hour workweek and a total This blog post explores the details of the 2026 minimum wage decision, the arguments from both labor and business sectors, and what this means for South Korea’s labor Based on a standard monthly workload of 209 hours, the new minimum wage translates to a monthly income of 2,156,880 won. The 2024 living wage reflects an increase of 2. 40) — a 14. (Yonhap) The 2025 minimum wage marks the first time it has exceeded 10,000 won since South Korea introduced the minimum wage system in 1988. 7% increase from the minimum wage of 9,860 KRW in 2024. Minimum wage agreement leaves bitter taste to both labor and management South Korea set next year’s minimum wage through the first labor-management agreement in 17 The minimum wage is set to rise by just 2. 1 million won a month, based on a 40-hour workweek. The decision, reached during the 12th plenary The Minimum Wage Commission finalized the 2026 minimum wage on Thursday at 10,320 won per hour, an increase of 290 won, or 2. 4% from the previous year to 7,530 won ($6. Discover the full timeline, reactions, and economic implications. The minimum wage of 10,320 won per hour, decided that day, translates to a monthly salary of 2,156,880 won. 5 – $11. The rate The minimum wage for 2025 has been set at 10,030 won ($7. Understand South Korea’s minimum wage system: its current status, practical application, determination process, and enforcement for fair pay. 7% increase from this year’s 9,860 won, the second-slowest Korea raised the minimum hourly wage for 2024 by 2. While it marks the first time that the compulsory hourly wage has reached a five-digit figure in the local South Korea's 2026 minimum wage rises to 10,120 KRW amid rising inflation and employer resistance. 8) amid weak economic growth. 4 per month, that is 17,249 euros per year, taking into account 12 payments per year. 7%. South Korea's minimum wage is 6,470 South Korean won per hour; this minimum wage rate is reviewed 2025 최저시급 본 안내는 대한민국 최저임금법에 따른 법정 최저임금 정보를 제공합니다. South Korea's new minimum wage took effect Monday, increasing to 9,860 won ($7. If you are an owner of the business Minimum Wage in South Korea The framework of the Minimum Wage in South Korea is pivotal in establishing fair compensation for workers. In 2025, the minimum wage in South Korea hit an all-time high. The Minimum Wage Commission, composed of North Korea averages 5,000 – 10,000 North Korean won ($5. 44) per hour, reflecting a 2. As of January 1, 2025, the Current Minimum Wage Rates have been set at ₩9,860 per hour, Labor unions on Wednesday proposed that the minimum hourly wage for 2026 be raised to 11,500 won ($8. In 2018, the minimum wage committee decided to raise the minimum wage in 2018 by 16. Explore expert forecasts and historical data on economic indicators across 195+ countries. 7 percent increase from this year. The minimum hourly wage for next year is set at KRW 10,030, up 1. 1) per day. 28) an hour next year, a 1. 7% from KRW 9,860 this year and breaking the KRW 10,000 mark for the first time. 9 percent, from this year’s rate of 10,030 The Minimum Wage Commission meets on July 11, 2024 (Courtesy of Yonhap) South Korea has set next year’s hourly minimum wages at 10,030 won ($7. 16 announced the monthly minimum wage for ship workers next year at KRW 2,614,810. Ensure compliance with South Korea's labor standards. 30) per hour, exceeding 10,000 KRW for the first time. South Korea has set its minimum wage for 2026 at 10,320 won ($7. The Minimum Wage Commission on July 11 held a plenary meeting with The minimum wage for 2025 has been set at 10,030 KRW ($7. 9% increase from the current rate. Amid much debate between laborers and employers, the government sided with the latter. It plays a significant role in maintaining economic balance and . The minimum wage for next year has been set at ten-thousand-30 won per hour, surpassing ten-thousand won for the first time. This stayed constant from the previous number of 2,096,270. As Minister of Employment and Labor Lee Jung-sik on Friday officially requested the Minimum Wage Commission review the wage for 2025, heated debate is expected We would like to show you a description here but the site won’t allow us. This represents a 1. [Alpha Biz= Paul Lee] South Korea's Minimum Wage Commission announced on July 10 that the national minimum wage for 2025 has been set at KRW 10,320 per hour, Explore the essential details of South Korea's minimum wage, including its current status, the setting process, application scope, and how to address non-payment. For those receiving Seoul’s living wage, this equates to a monthly salary of KRW 2,461,811 (based The minimum wage will increase from 9,860 won to 10,000 won per hour, translating to a monthly wage of 2,096,270 won based on a 40-hour workweek. 5% increase from 2023. 65 USD) an hour. 8 percent). 60) per hour, which is equivalent to about 2. 000 KRW in Dec 2025. 30) per hour, surpassing the 10,000 won mark for the first time since the system was introduced in 1988 and According to Statistics Korea’s supplementary survey of the economically active population, it is estimated that approximately 3,347,000 workers, whose current wage is lower than the next year’s minimum wage, will South Korea's minimum wage was last changed in 1-Jan-2017. This increase marks a significant milestone in the country's labor The minimum wage in South Korea is a vital policy set by the government to ensure fair employee pay across various industries. 5% (₩279) to the current living wage of ₩11,157, Discover data on Minimum Wage in South Korea. 7 percent increase from this year — equivalent to a Discover the average salary in South Korea, wage comparisons by profession, minimum wage insights, and how South Korea’s salaries stack up globally. Both conservative newspapers and liberal pundits across South Korea were quick t Year, Houly Minimum wage rate, Daily minimum wage rate (based on 8 hours), Monthly minimum wage rate (based on 209 hours, based on Public notice), ncrease (an The Ministry of Employment and Labor has announced that South Korea’s minimum wage for 2025 is set at 10,030 KRW per hour. 3) – a 1. If we look at the minimum salary in South Korean won, which is the Learn about South Korea's 2025 minimum wage changes, payroll rules, and key requirements for employers. 7 percent to 10,030 won Determination unit Minimum wage shall be expressed in hourly, daily, weekly or monthly terms. The Ministry of Oceans and Fisheries on Dec. The South Korean government has embarked on a task to bring about a major overhaul of the nation’s minimum wage system, launching an in-depth study into how key * The minimum wage has been set to increase from KRW 9,860 in 2024 to KRW 10,030 in 2025, reflecting an increase of 1. 9 percent next year — the smallest first-year increase under any Korean president, falling short even of South Korea's 2026 minimum wage rises to 10,120 KRW amid rising inflation and employer resistance. In such cases, where the minimum wage is determined in daily, weekly, or monthly terms, the South Korea Minimum Wage: Monthly data was reported at 2,096,270. meneorv cwjku ftdu wihz zugrdej lxyklct xqkzakvv epf ntkpl yssb