Commission raises minimum wage by 2.9% for 2026

Members of the Minimum Wage Commission enter the 12th plenary session of the commission at the Government Complex Sejong, Thursday. Yonhap

The Minimum Wage Commission said Thursday it has reached an agreement to raise next year's minimum wage by 2.9 percent to 10,320 won ($7.51) per hour.

The decision was made by the tripartite panel, which consists of nine representatives each from labor, management and the general public. It marks the first agreement reached among the three sides in 17 years.

Based on a standard monthly workload of 209 hours, the new minimum wage translates to a monthly income of 2,156,880 won.

The commission is obliged to complete its review on the new minimum wage by mid-July for a formal announcement by the labor minister by Aug. 5 every year.