The minimum wage in Korea has increased by over 7%. The new minimum wage is now set at KRW 5,210 which equates to KRW 41, 680 per day or KRW 1.08 million per month. Korea's Ministry of Employment and Labor statistics indicate that 2.56 million workers are paid, only, the minimum wage.
Unions were pushing for a 21.6% rise in the minimum wage, while business lobbies were calling for a wage freeze. The largest number of individuals being paid the minimum wage are in service and light manufacturing.
Sean Hayes may be contacted at: SeanHayes@ipglegal.com.
Sean Hayes is co-chair of the Korea Practice Team at IPG Legal. He is the only non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty.