South Korea has chosen to raise the minimum wage by 2.9% for 2020 to KRW 8,590 (c. USD 7.11). The Minimum Wage Commission of Korea set the wage at a lower than expected increase because of deteriorating economic conditions in Korea.
President Moon’s plan to raise the minimum wage to KRW 10,000 per hour shall fall short, because of, among other things, a slower than expected growth rate and regional geopolitical issues facing Korea. We shall keep the reader updated when more is known.
- Korean Employment Law & Labor Law amendments under Pres. Moon Administration
- Calculation of Korean Hourly Wage Rate under the Minimum Wage Act of Korea
- IPG’s Korean Employment & Labour Law Chapter in Global Legal Insights 2018
- Increased Scrutiny of Employers by Korean’s Ministry of Employment & Labor under President Moon’s Administration: HR Audit Needed by Korean Employment Lawyers
- Must I grant Male Employees Maternity/Paternity Leave in Korea?: Korean Labor/Employment Law Updates
- Can you Revise Employment Rules in Korea without the Agreement of Employees?
- Guidelines on Rules of Employment & Guidelines on Fair Personnel Management Withdrawn by Korean Ministry of Employment
- Korean Workplace Discrimination Laws
- Definition of “Ordinary Wage” in Korea: Korean Employment & Labor Law Basics
- Enforcement of Covenants Not to Compete in Employment Agreements in Korea: Restrictive Covenants in Korea