Yongin City Announces Next Year's Living Wage at 11,470 KRW per Hour... 2.5% Increase

1610 Won Above the Legal Minimum Wage of 9,860 Won
Applied to Approximately 1,370 Employees of City, Investment, and Foundation Institutions

Yongin City in Gyeonggi Province announced on the 1st that it has finalized and notified the 2024 living wage hourly rate at 11,470 KRW.

The living wage is intended to guarantee workers a minimum humane and cultural standard of living. The living wage for 2024, finalized this time, has increased by 2.5% from this year's living wage of 11,190 KRW. When converted to a monthly basis (based on 40 hours per week), it amounts to 2,397,230 KRW, which is 58,520 KRW higher than this year.

The living wage is set above the minimum wage to ensure workers a minimum humane and cultural standard of living. The living wage set this time will apply to about 1,370 workers employed by the city or city-invested and affiliated institutions.

The city finalized the wage after discussions at the city living wage deliberation committee on the 30th of last month. The committee explained that the living wage hourly rate was determined by comprehensively considering next year's government minimum wage increase rate, the city's financial conditions, and workers' wage levels. The living wage set this time is 1,610 KRW higher than the government-announced statutory minimum wage hourly rate of 9,860 KRW for next year.

A city official said, "We hope that the decision on this living wage amount will contribute to the stable living and improved quality of life of workers."

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