Social Affairs
New minimum wage set at 9,860 won
Jan. 2, 2024
Korea's new minimum wage took effect Monday, increasing to 9,860 won ($7.60) per hour, which is equivalent to about 2.1 million won a month, based on a 40-hour workweek. The new minimum wage level increased by 240 won compared to 2023's level of 9,620 won per hour, corresponding to a daily wage of 78,880 won and a monthly wage of nearly 2.07 million won, based on the same measure. The 2023 figure monthly wage was equivalent to about two-thirds of South Korea's average salary of 3.