The Ministry of Employment and Labor of South Korea has increased the minimum hourly wage by 1.5% for 2021 to KRW 8,720.00 compared to the 2020 minimum hourly wage of KRW 8,590.00. This new minimum hourly wage took effect on January 01, 2021.
Moreover, in accordance with the hourly wage increase, the new minimum monthly wage, based on 209 working hours per month, will now be KRW 1,822,480.00 per month.
The new minimum hourly wage also applies to both local and foreign workers in South Korea. The only exceptions to this law are employees who are employed as domestic servants, employees who are employed in businesses owned by relatives or family member residing in the same residence, or employees covered by the Seamen Act.
Regularly visit our blog as we keep our readers updated for new developments and news related to Employment Law. And if you are interested to speak with a lawyer with regard to your legal concerns in South Korea, you may schedule a No-Charge Initial Consultation: Please Schedule a Call.
- Minimum Wage Increased in South Korea for 2021: Employment Law Update
- Calculation of Korean Hourly Wage Rate under the Minimum Wage Act of Korea
- Minimum Wage Raised in Korea for 2020: Employment Law Updates
- Guidelines on Rules of Employment & Guidelines on Fair Personnel Management Withdrawn by Korean Ministry of Employment
- Choice of Law Issues in Employment Disputes in Korea
- Definition of “Ordinary Wage” in Korea: Korean Employment & Labor Law Basics
- Status of Interns Under the Korean Labor Standards Act: Employees Entitled to Severance/Minimum Wage?
- 52-Hour Workweek Delayed in Korea for SMEs: Korean Labor Law Update
- What Do You Need To Know About Severance Pay in South Korea?
- Legality of an Employer Lockout in Korea: Korean Labor & Employment Law Basics