1 of 2 | Kwon Soon-won, head of the Minimum Wage Commission, speaks to reporters during the 14th plenary session of the commission at the government complex in Sejong, central South Korea, 14 July 2026. The commission, composed of members from labor, business and the general public, set next year's legal hourly minimum wage at 10,700 won (US$7.18), up 3.7 percent from last year. Photo by YONHAP / EPA
July 15 (Asia Today) -- South Korea's minimum wage for 2027 was set at 10,700 won ($7.18) an hour, an increase of 380 won (25 cents), or 3.7%, from this year.
The Minimum Wage Commission approved the rate during its 14th plenary session Tuesday at the Government Complex Sejong. The monthly equivalent will be 2,236,300 won ($1,500) based on a 40-hour workweek and 209 hours a month.
The monthly figure is 79,420 won ($53) higher than this year's 2,156,880 won ($1,447).
Labor representatives initially proposed 12,000 won ($8.05) an hour, a 16.3% increase from this year, while management representatives sought to freeze the rate at 10,320 won ($6.92). The initial gap of 1,680 won ($1.13) narrowed to 130 won (9 cents) after 12 rounds of revised proposals.
