Minimum wage rises 8 percent to 6,030 won next year

By Choi Sung-jin

The minimum wage for Korean workers will rise 450 won, or 8.1 percent, to 6,030 won ($5.10) an hour next year, as posted by the Ministry of Employment and Labor on Aug. 5.

It is equivalent to 48,240 won of daily wage for eight hours’ work, and 1.26 million won in monthly salary for those who work 40 hours a week. The new minimum wage is also half that of most U.S. states and cities, many of which are planning to raise it gradually to $15 by 2018.

Some 3.42 million workers, or 18.2 percent of total wage earners, will be affected by the new minimum wage, which will be implemented at all workplaces regardless of their business from Jan. 1 to Dec. 31, 2016.

The ministry will post both the minimum wage and its monthly equivalent to help workers better confirm their rights for allowances for working on holidays and additional wages for overtime, the officials said.