Increase in minimum wage from January 1, 2021
l Increase in minimum wage from January 1, 2021
The Ministry of Employment and Labor (MOEL) announced that the minimum hourly wage in Korea will rise from KRW 8,590 to KRW 8,720. This change will take effect from January 1, 2021.
|
|
2020 |
From Jan 1, 2021 |
|
Minimum hourly wage |
Won 8,590 (Won 1,795,310 minimum monthly wage with 209 work hours per month) |
Won 8,720 (Won 1,822,480 minimum monthly wage with 209 work hours per month) |
The Minimum Wage Commission passed the proposal to set the minimum wage for 2021 at Won 8,720 per hour. This is an increase of Won 130 or 1.5% from this year's hourly minimum wage of Won 8,590. If translated into a monthly wage, this means Won 1,822,480 per month, an increase of Won 27,170 from this year (with 209 work hours per month including paid weekly holidays).