Ministry of Employment Announces Next Year's Minimum Wage at '10,030 Won'... Monthly 2,096,270 Won

Same Standards Across All Workplaces Regardless of Type
Confirmed Without Labor-Management Objections for the First Time in 4 Years

The Ministry of Employment and Labor announced on the 5th that the minimum wage to be applied next year has been set at 10,030 KRW per hour. When converted to a monthly salary, this amounts to 2,096,270 KRW (based on 40 hours of prescribed work per week, 209 hours per month). The same minimum wage applies to all workplaces regardless of the type of business.

Ministry of Employment and Labor Building / Photo by Ministry of Employment and Labor

The Ministry of Employment announced the minimum wage proposal, which was resolved by the Minimum Wage Commission after 11 full meetings on the 12th of last month, and operated a period for objections until the 29th of that month. There were no objections from labor or management organizations. This is the first time in four years since 2020.

Lee Jung-sik, Minister of Employment, said, "I believe the Minimum Wage Commission made the decision after fully considering our economic and labor market conditions, the difficulties of low-wage workers and small business owners, and we respect this decision."

The government plans to actively promote and provide guidance to ensure the smooth implementation of next year’s minimum wage. Related projects will be carried out to ensure compliance with the minimum wage through workplace education, consulting, and labor inspections.