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Minimum Wage


Minimum Wage

The minimum hourly wage in Korea will be W7,530 in 2018. In July 2017, the Korean government approved an increase of W1,060 an hour. 

This is the first time ever that the minimum wage has risen by more than W1,000 in one year. President Moon Jae-in plans to raise the minimum wage to W10,000 an hour by 2020.

The Minimum Wage Commission includes representatives of labour and management, as well as members of the general public.

Korea is reported to have the third-highest proportion of low-paid workers among member countries of the Organization for Economic Cooperation and Development. According to an OECD report “Towards better social and employment security in Korea”, the proportion of low-paid workers in Korea was 23.7 percent in 2017, the third-highest out of 26 OECD countries surveyed, following the US with 25.02 percent and Ireland with 24 percent, The report defined low-paid as workers receiving less than two-thirds of the median wage.

 

 

K4E Editor: Korea4Expats.com tries to ensure that the information we provide is accurate and complete, so should you notice any errors or omissions in the content above please contact us at info@korea4expats.com

Last Updated on 2018-03-19


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