Next Year's Minimum Wage Set at 8,720 Won... No Objections from Labor or Management

Ministry of Employment Announces Minimum Wage... 1.5% Increase from This Year
Monthly Salary Equivalent 1,822,480 Won... Same Across All Industries

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Next year's minimum wage has been finalized at 8,720 won, an increase of 130 won (1.5%) from this year.

The Ministry of Employment and Labor announced on the 5th that the minimum wage for 2021 will be set at 8,720 won per hour.

When converted to a monthly salary, assuming a 40-hour workweek, it amounts to 1,822,480 won. The same minimum wage applies to all workplaces regardless of industry.

Previously, the Minimum Wage Commission held 15 stakeholder meetings, 5 regional discussions, 2 field visits, and 9 plenary sessions before deliberating and approving the minimum wage proposal on the 14th of last month.

The Ministry of Employment and Labor announced the minimum wage proposal on the 20th of last month and operated an objection period until the 30th, but no objections were raised by labor or employer organizations.

According to the Minimum Wage Act, representatives of workers and employers may file objections to the announced minimum wage within 10 days from the date of announcement to the Minister of Employment and Labor.

Meanwhile, the Ministry plans to conduct promotional and informational activities, labor management guidance, and labor inspections to ensure the smooth implementation of next year's minimum wage on the ground.

This content was produced with the assistance of AI translation services.