Ministry of Employment Confirms Next Year's Minimum Wage at 9,860 Won... Monthly Equivalent 2,060,740 Won

Minimum Wage Increased by 240 Won Compared to This Year

The Ministry of Employment and Labor has decided and announced the 2024 minimum wage at 9,860 KRW per hour on the 4th. When converted to a monthly salary, it amounts to 2,060,740 KRW (based on 40 hours of prescribed work per week and 209 hours per month). The same minimum wage applies to all workplaces regardless of the type of business.

After the Minimum Wage Commission resolved the minimum wage proposal through 15 plenary sessions on the 20th of last month, the Ministry operated a period for objections until the 31st of the same month. Although the Korean Confederation of Trade Unions raised objections, they were not accepted after comprehensively considering the purpose and content of the Minimum Wage Act and the deliberation and resolution process of the Minimum Wage Commission.

The government plans to increase compliance with the minimum wage by actively promoting and guiding the new minimum wage, as well as providing education, consulting, and labor management guidance to workplaces to ensure smooth implementation next year.

Minister of Employment and Labor Lee Jeong-sik stated, "This minimum wage was decided after intense discussions at the Minimum Wage Commission, taking into account the difficult economic situation, labor market conditions, and the voices of low-wage workers and small business owners more thoroughly than ever before. This decision must be respected."

He also added, "Since its introduction in 1988, the minimum wage system has continued without major changes, but it needs to reflect the changing economic and labor market conditions. There are many criticisms that the recurring conflicts and confrontations during the annual decision-making process must also be improved. Therefore, we will gather diverse opinions and seek improvement measures going forward."

The minimum wage for 2024 has been set at 9,860 won. On the early morning of the 19th of last month, the voting results were posted on the monitor in the meeting room of the Minimum Wage Commission at the Government Complex Sejong in Sejong City.
[Image source=Yonhap News]

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