news

Labor Law Update on Minimum Wage

12/28/2021
news

The Ministry of Employment and Labor (MOEL) has published an official announcement that the minimum hourly wage will increase from KRW 8,720 to KRW 9,160 effective from January 1, 2022 (the monthly minimum wage will be KRW 1,914,440 with the 209 work hours under the labor laws of Korea). The requirement shall be applied equally to across all industries.

2021

2022

% increase

Minimum hourly wage

KRW 8,720

KRW 9,160

5.05%

Minimum monthly wage

KRW 1,822,480

KRW 1,914,440