Minimum hourly wage South Korea 2011-2024
In 2024, the minimum wage in South Korea stood at 9,860 South Korean won per hour. This was a slight increase compared to the previous year. In response to a rising concern over low wages, the South Korean government implemented the minimum wage in 1988.
Raising the minimum wage
The minimum wage has consistently been a highly debated and controversial topic, especially in the period leading up to the presidential elections. In 2017, the then-presidential candidate Moon Jae-in pledged to increase the minimum wage to at least 10,000 South Korean won by 2020. This decision sparked controversy and drew criticism from both conservative and liberal camps across the country.
How were small and medium-sized businesses affected?
Small and medium-sized enterprises (SMEs) also opposed raising the minimum wage. Many business owners of this size stated that increasing revenue and maintaining profitability were significant challenges for them, and this was intrinsically linked to the minimum wage they paid their employees.
