Labor Law Update on Minimum Wage

The Ministry of Employment and Labor (MOEL) officially announced that the minimum hourly wage will increase from KRW 9,160 to KRW 9,620 effective from January 1, 2023 (the monthly minimum wage will be KRW 2,010,580 with 209 work hours under the labor laws of Korea). The requirement shall be applied equally to across all industries.