Minimum Wage Updated in South Korea from 01 January 2023 - January 01, 2023 (2024)

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Minimum Wage Updated in South Korea from 01 January 2023 - January 01, 2023? ›

Korea's 2023 minimum wage confirmed at $7.4, up 5% from 2022

The minimum wage has been revised in South Korea from 01 January 2024. The minimum wage has been increased from ₩9,620.00 to ₩9,860.00 per hour.

Last year, South Korea raised the minimum hourly wage for 2024 by 2.5 percent to 9,860 won. The minimum wage for 2023 was 9,620 won, up 5 percent from the previous year.

The minimum hourly wage will be raised to 9,860 won ($7.80) next year, up from 9,620 won this year, the commission said. The figure was reached after 110 days of discussion, the most number of days it has ever taken reach an agreement.

Minimum wage

The South Korean government passed the Minimum Wage Act in 1986 to standardize and protect the minimum wage of its labor force. According to the Wage Indicator, the minimum wage in South Korea is 9,620 KRW per hour (USD 8) for 2023. So is the average wage the same as the average salary?

Korea's 2023 minimum wage confirmed at $7.4, up 5% from 2022

The labor minister published the new minimum wage in the government's electronic gazette Friday, which would take effect from Jan. 1. The hike translates to a monthly wage of 2.02 million won based on 209 working hours per month.

What is a good salary in Korea? A good salary in Korea varies by industry and experience. However, considering the average and median salaries, an amount above 4,000,000 KRW per month would be considered good in most sectors.

The Seoul Metropolitan Government (SMG) announced finalization of the city's 2024 living wage (the minimum amount needed to satisfy living requirements for a family of three in Seoul calculated as an hourly wage) at ₩11,436 per hour.

Who has the highest minimum wage 2023? ›

While Washington is technically the state with the highest hourly minimum wage at $16.28, Washington, D.C. has the highest rate across the country: $17.00!

Luxembourg. Luxembourg offers the highest minimum wage of any country worldwide at US$3,357 (€3,085) per month for skilled talent over the age of 18. Unskilled talent and talent under the age of 18 receive a lower monthly minimum wage: Unskilled workers 18 years of age and older: US$2,798 (€2,571)

South Dakota is among the states with the highest minimum wage and low cost of living, with housing and utilities costing an estimated 15% less than the national average in the US. The minimum wage in the state is set to increase 40 cents from January 1, 2024.

Most people in Korea that do, are children and spouses. The very low minimum wage allows for easier entry into the work force, doesn't inflate the cost of living and motivates people to not work low end jobs. Mainly it allows small businesses to compete with larger businesses by not killing them with labor costs.

Some average living costs are (in ₩ and USD): Monthly rent (1 bedroom apartment): 975,000₩ ($830) Utilities (monthly average): 200,000₩ ($170) Monthly public transport pass: 55,000₩ ($45)

On February 21, 2019, the Supreme Court issued a ruling that extends the working age of ordinary manual workers from the current 60 to 65. [1] The working age of manual workers went from 55 to 60 through another Supreme Court decision in 1989 and has remained there for the past 30 years.

What is a good salary in Korea? A good salary in Korea varies by industry and experience. However, considering the average and median salaries, an amount above 4,000,000 KRW per month would be considered good in most sectors.