Employment
January 9, 2024
Select Language
Minimum Wage Increase for 2024 Announced
The government has announced the new minimum wage for 2024, affecting all foreign workers...
2024 Minimum Wage
The government has announced the new minimum wage for 2024, affecting all foreign workers in Korea. The new rate represents a significant increase from the previous year.
New Rates:
- Hourly wage: 9,860 KRW (effective January 1, 2024)
- Monthly wage (based on 209 hours): 2,059,740 KRW
- Increase from 2023: 2.5%
All employers are required to comply with the new minimum wage regulations. Foreign workers should verify their contracts and report any violations to the Ministry of Employment and Labor.
Views: 1,328