The Minimum Wage in South Korea for 2024 Has Been Set at 9860 Won

The Minimum Wage in South Korea for 2024 Has Been Set at 9860 Won

The National Minimum Wage Committee of Korea set the minimum wage for next year at 9860 won per hour. This is an increase of 240 won (2.5%) from this year’s rate (9620 won).

The initial attention was on whether it would exceed 10,000 won, but it seems that the rate of increase was adjusted in consideration of the economic crisis and the burden of labor costs on companies.

Recently, other countries have also been moderating the pace of wage growth.

German Chancellor Olaf Scholz announced that Germany raised the minimum wage by 25% last year, but will only raise it by 3% next year and the year after.

This is likely due to concerns about the economic crisis and worsening inflation.