Bucheon City Sets 2023 Living Wage at 11,400 KRW per Hour

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province has decided to raise the living wage for next year by 3.35% to an hourly rate of 11,400 won.

The 2023 living wage was determined through discussions by the Living Wage Committee, which includes labor, management, civil society, and government representatives, and was finalized at the Bucheon City Labor-Management-Civil-Government Council plenary meeting held on the 18th, then officially announced on the 29th.

Bucheon City stated that it set the living wage level considering the economic situation and the city’s financial conditions, as well as the gap with the minimum wage.

The proposed living wage for next year is 11,400 won, an increase of 370 won (3.35%) from this year’s 11,030 won. When converted to a monthly amount (based on a 40-hour workweek), it amounts to 2,382,600 won, which is 77,330 won higher than this year.

This increase is expected to affect approximately 1,440 workers, including fixed-term employees affiliated with the city, employees of public enterprises and investment/subsidized institutions under the city, and workers of entrusted agencies commissioned with city affairs. The total budget required is estimated to be about 3.2 billion won.

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