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: [email protected] 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.
Similar Posts:
- Calculation of Korean Hourly Wage Rate under the Minimum Wage Act of Korea
- Minimum Wage Raised in Korea for 2020: Employment Law Updates
- Definition of “Ordinary Wage” in Korea: Korean Employment & Labor Law Basics
- Korean Employment Law & Labor Law amendments under Pres. Moon Administration
- Infertility/Subfertility & Childcare Leave Law in Korea
- “Cause” Needed to Terminate During Probationary Period in Korea?
- “Probationary Periods” in Korean Employment Contracts for Newly-Hired Workers
- Can you Revise Employment Rules in Korea without the Agreement of Employees?
- What Do You Need To Know About Severance Pay in South Korea?
- Doing Business in Korea: The Korea labor market under the Moon administration
You must log in to post a comment.