Wednesday, August 6, 2014

South Korean Government Announces Raise of Minimum Wage for 2015

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Good news for all of us working here in South Korea. Effective January 2015, the new minimum wage in South Korea will be raised by 7.1 percent. According to Yonhap news, the new minimum wage for year 2015 has been set at 5,580 won per hour, this is slightly higher to the current minimum wage which is 5, 210 per hour. This means, those who are working 8 hours a day could earn 44,640 a day and 1.16 Million won monthly for those who are working 209 hours a month.

The minimum wage raise has been agreed by the trilateral council, labor and management representatives last June 2014  and has been approved by the government.

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