Korea’s new minimum wage took effect Monday, increasing to 9,860 won ($7.60) per hour, which is equivalent to about 2.1 million won a month, based on a 40-hour workweek. The new minimum wage level increased by 240 won compared to 2023’s level of 9,620 won per hour, corresponding to a daily wage of 78,880 won and a monthly wage of nearly 2.07 million won, based on the same measure.
The 2023 figure monthly wage was equivalent to about two-thirds of South Korea’s average salary of 3.33 million won in 2021, according to data published by Statistics Korea. In July last year, the Minimum Wage Commission, made up of experts and representatives from labor and business sectors, decided to raise the minimum wage by 2.5 percent from the 2023 level.
