2024년 최저시급The Minimum Wage Committee held a plenary meeting on July 19 and set the minimum wage for next year as KRW 9,860 per hour and monthly salary (based on 209 hours, including the number of weekly holiday hours treated as paid in accordance with Article 55, Paragraph 1 of the Labor Standards Act). ) It was decided at 2,060,740 won. In the meantime, the Minimum Wage Committee attempted to reach an agreement through 15 plenary meetings, but failed, and on July 19, each employee member’s final plan and the employer member’s final plan were 10,000 won (3.95% increase) and 9,860 won (2.5% increase). As a result of the vote, the final draft of the user committee was adopted.
This is a 240 won (2.5%) increase over this year’s minimum wage (9,620 won per hour, 2,010,580 won per month), and is the second lowest increase rate following the 1.5% increase in 2021 when the COVID-19 virus was spreading. For reference, the minimum wage has increased sharply in 2018 (16.4%) and 2019 (10.9%), and has since increased by 2.8% in 2020, 1.5% in 2021, 5.1% in 2022, and 5.0% in 2023.
According to Statistics Korea’s Economically Active Population Survey, the number of wage earners who will be directly affected by this minimum wage increase is estimated to be approximately 3,347,000, as their current wage is lower than next year’s minimum wage. This amounts to approximately 15.4% of all wage earners. Although this increase is low at 2.5%, the number of workers affected is significant. Accordingly, it is necessary to check whether any workers of all types, including regular and irregular workers in the workplace, as well as part-time workers, part-time workers, and foreign workers, will be affected by this minimum wage increase.
Meanwhile, the minimum wage includes wages paid regularly at least once a month, excluding wages for overtime, night, and holiday work and additional allowances. Please also note that monthly bonuses and wages paid in currency will be fully included in the minimum wage from 2024.
[English] The Minimum Wage For 2024 is Set at KRW 9,860 Per Hour
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Attorney Kim Won-jeong
Attorney Kim Ki-young
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Attorney Kim Won-jeong
Attorney Kim Ki-young
Lawyer Sunha Kwon
Attorney Kim Won-jeong
Attorney Kim Ki-young
Lawyer Sunha Kwon
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