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wage increase Korea

Minimum Wage Workers in South Korea to Get Pay Bump to $1,150 Per Month in 2015

For the second year in a row, the South Korean government will raise the hourly minimum wage by more that 7 percent.

South Korea’s minimum wage will be raised to 5,580 won ($5.40) per hour starting in 2015, up 7.1% over 2014’s hourly wage of 5,210 per hour.

The hourly wage translates to a 44,640 won (US$43.17) per day for those who work eight hours and 1,166,220 won (US$1,150.18) per month.

This marks the second year in a row that the South Korean minimum wage has risen by more than 7%, following raises of 2.75 percent in 2010, 5.1 percent in 2011, 6 percent in 2012, 6.1 percent in 2013 and 7.2 percent in 2014.

The wage increase comes after the 7th Plenary Session of the Minimum Wage, lead by Chairman Park Jun-sung, called for the increase in hourly pay in late June.

According to the Official Gazette, a publication of the Philippines government, the minimum wage increase includes non-Korean residents working in the country under the Employment Permit System.

The increase, however, excludes those working in their family business and living in the same residence, domestic workers and seafarers governed by the Seafarers Act.


Full listing of minimum wage by country here (Wikipedia)

 

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