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.
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