Minimum Wage Updated in South Korea from 01 January 2024 - January 01, 2024 (2024)

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Minimum Wage Updated in South Korea from 01 January 2024 - January 01, 2024? ›

The minimum wage has been revised in South Korea from 01 January 2024. The minimum wage has been increased from ₩9,620.00 to ₩9,860.00 per hour.

The South Korean government passed the Minimum Wage Act in 1986 to standardize and protect the minimum wage of its labor force. According to the Wage Indicator, the minimum wage in South Korea is 9,860 KRW per hour (USD 7.33) for 2024.

Most people in Korea that do, are children and spouses. The very low minimum wage allows for easier entry into the work force, doesn't inflate the cost of living and motivates people to not work low end jobs. Mainly it allows small businesses to compete with larger businesses by not killing them with labor costs.

Luxembourg. Luxembourg offers the highest minimum wage of any country worldwide at US$3,357 (€3,085) per month for skilled talent over the age of 18. Unskilled talent and talent under the age of 18 receive a lower monthly minimum wage: Unskilled workers 18 years of age and older: US$2,798 (€2,571)

The estimated total pay for a Factory Worker is ₩9,331 per hour in the Seoul area, with an average salary of ₩9,236 per hour. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users.

The minimum wage in California, effective January 1, 2024, is $16.00/hour for all employers. Fast Food Restaurant employers, effective April 1, 2024, and Healthcare Facility employers, effective June 1, 2024, will have a higher minimum wage.

The minimum hourly wage will be raised to 9,860 won ($7.80) next year, up from 9,620 won this year, the commission said. The figure was reached after 110 days of discussion, the most number of days it has ever taken reach an agreement.

According to the Korean Herald report, the minimum wage in South Korea was voted by the Minimum Wage Commission. It has been set to 9,620 won (7.11 USD) for 2023 and 9,860 won (7.29 USD) for 2024.

2024 living wage set at ₩11,436 per hour, ₩2.39 million per month - Seoul Metropolitan Government.

The Central African Republic is among the lowest minimum wage in the world, at 218.75 CFA Francs per hour, which is equivalent to . 36 USD per hour. In Kyrgyzstan, the minimum wage was updated in 2024 and is among the lowest is the world, at 2,460 Kyrgyzstani SOM.

Who has the lowest minimum wage? ›

Five states have not adopted a state minimum wage: Alabama, Louisiana, Mississippi, South Carolina and Tennessee. Two states, Georgia and Wyoming, have a minimum wage below $7.25 per hour. In all seven of these states, the federal minimum wage of $7.25 per hour applies.

The minimum wage has been revised in South Korea from 01 January 2024. The minimum wage has been increased from ₩9,620.00 to ₩9,860.00 per hour.

The highest paying jobs in South Korea are major executive roles, IT, finance and healthcare sectors, positions of Chief Financial Officer and Chief Executive Officer are among the highest paid.

As of 2024, an amount of 9,860 KRW has been set as the official minimum wage per hour in the Republic of Korea, a rise of 2.5% compared to the previous year.

Finalized after comprehensive consideration in response to rapid inflation, public-private equity, etc.

As of November 2023, the mean purchase price of housing in Seoul, South Korea amounted to around 819 million South Korean won. The average price of apartments amounted to around 1.05 billion South Korean won while the price of row houses was about 341 million South Korean won.