The minimum wage for next year was set at 10,030 won (US$7.30) per hour Friday, marking the first time the compulsory hourly minimum wage has surpassed the 10,000 won level.
The rate reached during the 11th plenary meeting of the Minimum Wage Commission marks an increase of 170 won, or 1.7 percent, from this year’s 9,860 won. The increase rate is the second lowest on record.
The 2025 hourly wage translates to 2.1 million won per month, based on a 40-hour workweek.
The management side and a majority of the public interest members adopted the 10,030 won minimum wage in a vote after some labor representatives of the commission walked out, protesting that the increase was too low.
Labor members had initially proposed 12,600 won as the 2025 minimum wage, while management had suggested a freeze.
Source: Yonhap News Agency