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Monthly 2024FY wage should be more than 2.07mil.won in Korea; Minimum Wage Act

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In conclusion, the minimum wage for 2024 in Korea has been set at 9,860 won per hour, reflecting a 2.5% increase from 2023. The minimum wage system aims to guarantee the minimum level of wages for all workers in Korea, thereby contributing to the stability of workers’ lives and the qualitative improvement of labor force, and ultimately to the sound development of the national economy. Foreign business owners must also comply with the domestic minimum wage law. The decision to raise the minimum wage for 2024 was made following an overnight marathon debate and a record 110 days of discussion since Minister of Employment and Labor Lee Jung-sik officially requested the commission’s review of the wage on March 31. The new minimum wage did not break the 10,000-won threshold, although businesses say the raise will be challenging for small and mid-sized businesses in particular amid weak exports.


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