Minimum Wage
The minimum hourly wage in Korea is W7,530 in 2018 and will increase to W8,350 in 2019. President Moon Jae-in plans to raise the minimum wage to W10,000 an hour by 2020.
The Minimum Wage Commission includes re presentatives 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 OEC 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.
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Last Updated on 2018-08-11
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