South Korea’s Minimum Wage of 2023 Is Confirmed

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Photo by Yonhap News

The minimum wage in Korea is confirmed to be KRW 9,620 per hour starting from January 1, 2023. This is an increase of 5% compared to this year. Based on 208 hours of monthly working hours, the minimum monthly salary would be KRW 2,010,580.

During the meeting, the worker committee proposed KRW 10,080 while the corporation committee proposed KRW 9,330 as the minimum hourly wage. As both committees did not agree with each other, the final call was on the public service committee.

The Korea Minimum Wage Commission Committee consists of a total of 27 members, including 9 members of the worker committee, user committee, and public interest committe.

“The 5% is even less than the actual inflation rate. 5% increase in wages is not the actual increase, but rather a wage freeze or cuts,” said the Vice Chairman of the Korean Confederation of Trade Unions (KCTU).