Next Year's Seoul-Type Living Wage Set at 11,157 Won per Hour... 2.33 Million Won per Month
3.6%↑ from 10,766 KRW this year... 1,537 KRW higher than next year's minimum wage
Applied to over 13,000 participants including city and investment institutions, New Deal job participants
[Asia Economy Reporter Lim Cheol-young] Seoul City announced on the 16th that it has finalized the ‘Seoul-type Living Wage’ for next year at 11,157 KRW per hour. This is a 3.6% (391 KRW) increase from this year’s living wage of 10,766 KRW and 1,537 KRW higher than the government’s minimum wage for this year, which was announced in August at 9,620 KRW per hour.
Those subject to the Seoul-type Living Wage will receive 2,331,813 KRW per month based on regular wages if they work the statutory labor hours of 209 hours. The ‘Seoul-type Living Wage’ refers to a wage level that allows workers and their families to maintain a life above the poverty line, ensuring housing, education, and cultural life. Seoul City introduced the living wage for the first time among metropolitan governments in 2015.
The newly finalized ‘Seoul-type Living Wage’ will be applied starting January 1 of next year. The eligible recipients include ▲directly employed workers affiliated with Seoul City and its investment-funded institutions, ▲workers affiliated with subsidiaries of Seoul City investment institutions, ▲private consigned workers (100% supported by city funds), ▲and participants in New Deal jobs, totaling about 13,000 people.
Seoul City explained that due to the difficult economic situation caused by COVID-19 and rapid inflation, the living wage for next year was raised at a somewhat higher rate than the previous year. However, it added that the final increase was determined after comprehensively considering fairness between the public and private sectors as well as the city’s financial conditions.
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Han Young-hee, Seoul City’s Labor, Fairness, and Coexistence Policy Officer, said, “Through the operation of the Seoul-type Living Wage, which guarantees a dignified life and livelihood for Seoul’s workers, we will protect the rights and living conditions of workers.”
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