Busan City Living Wage for Next Year Set at 10,341 Won per Hour

2300 Workers Including City, Public Institutions, Subsidiaries, and Private Consignment Paid Below Minimum Wage
Monthly 2,161,269 Won Based on 209 Hours of Work at Regular Wage

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The minimum living wage for workers under the Busan City government next year has been set at 10,341 KRW per hour.

This amount is an increase of 155 KRW, or 1.5%, from this year's living wage of 10,186 KRW, reflecting the rise in the minimum wage for next year.

The wage system applies to Busan City employees, permanent contract and fixed-term workers at affiliated public institutions, as well as workers performing privately commissioned tasks funded by Busan City.

Among them, about 2,300 workers currently earning below the living wage will be subject to this living wage starting next year.

The Busan City Living Wage Committee held its second meeting on the 16th following the first meeting on the 24th of last month to review the "2021 Busan Region Living Wage Amount."

The committee decided on next year's living wage considering the national median income of a three-person household, the minimum wage increase rate, the city's financial situation, and the special economic conditions caused by COVID-19.

Next year's living wage applies approximately 54% of the 2021 national median income for a three-person household. This exceeds the OECD poverty threshold of 50% of the median income and also takes into account the minimum wage increase rate.

In particular, the committee discussed the scope and amount of the basic living wage application, as well as the effects and issues arising from the implementation of the living wage system.

Byun Sung-wan, Acting Mayor of Busan, remarked, "Contributing to the improvement of workers' quality of life and welfare is the first step for Busan City to realize respect for labor."

The 2021 living wage will be applied from January 1 next year, and Busan City plans to announce the applicable subjects and the decided amount on its website in September.

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