Minimun wage for 2025 exceeds 10,000 won threshold for first time
Social affairsJul 12, 2024
The minimum wage for 2025 has been set at 10,030 won ($7.30) per hour, surpassing the 10,000 won mark for the first time since the system was introduced in 1988 and eliciting mixed reactions from business owners and employees. This decision, reached during the Minimum Wage Commission’s 11th plenary meeting Friday, represents a 1.7 percent increase from the current 9,860 won per hour. The new rate translates to a monthly wage of approximately 2.1 million won, based on a standard 40-hour wor