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 localContinue reading
Tag: Ministry of Employment
Guidelines on Rules of Employment & Guidelines on Fair Personnel Management Withdrawn by Korean Ministry of Employment
Inline with the labor union and employee-focused promises of the President Moon Administration, the Ministry of Employment & Labor has withdrawn the impeached President Park’s Guidelines on Rules of Employment & Guidelines on Fair Personnel Management to the regret of most of industry. The withdraw of the Guidelines does not change the present state of Korean Labor & Employment Law. Ex-President Park’s Guidelines on Rules of Employment, inter alia, noted procedures to amend the rules of employment of a companyContinue reading
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