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Joseph SY Zoh

CPA, California, a member of AICPA  |  Jz Associates/Tax Accounting Firm Hae-An

F:+82-31-273-5078  |  Skype: joezoh  |  Email: jz@taxjz.com

Web : www.taxjz.com  |  Blogs: www.koreantaxblog.com

Korean Tax Blog

since 1981-

Minimum Wage

 

I think minimum wage hit our labour market very negatively last year and will more negatively effect this year especially in a small and medium sized business.

Minimum wage this year is raising up 8,350won excluding paid-weekly-leave allowance(주휴수당) which should be paid if a part-timer work for more than 15-hours a week. Last year it was 7,530won and it's more than 10% increase, 10.9%.

Once I calculated monthly salary payment, yes it's more than 1.74mil.won.(8,350*209hours)

 

You can split the part-timers, likely less than 15 hours work for a week to save your labour cost.

Once your part-timer claim it to the court because you violate it, you're going into jail for 3 years or 20mil.won penalty according to the law.

 

And also if you didn't make a labour contract, you can be punished in 5mil.won penalty.

More idea or questions, please send me an email to jz@taxjz.com

 

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