Minimum hourly wage South Korea 2008-2025
In 2025, the minimum wage in South Korea stood at 10,030 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 issue of raising the minimum wage has consistently been a focal point of public debate, especially during presidential election cycles. In 2017, Moon Jae-in, the then-candidate for the presidency, committed to raising the minimum wage to at least 10,000 South Korean won by 2020. This proposal generated significant controversy and sparked a heated discussion among various political groups.
Impact on small and medium-sized businesses
The proposed increase in the minimum wage also faced strong opposition from small and medium-sized enterprises (SMEs). Business owners within this sector expressed concerns about their ability to absorb the costs associated with higher wages. Many argued that any increase in labor costs would further strain their financial stability.