The minimum wage to be applied next year is finalized at 8,720 won per hour.

The Ministry of Employment and Labor announced today (5th) that the minimum wage for the next year was 8,720 won.

This is the minimum wage committee's resolution on the 14th of last month, which is 1.5% higher than the minimum wage of 8,590 won this year.

It is the lowest rate of increase since 1988 when the minimum wage system was introduced.

The amount converted into monthly salary is 40,800,000 won, applying 40 hours of working hours per week (including paid holidays).

As announced by the Ministry of Labor, the minimum wage for next year is effective from January 1 of next year.

The minimum wage for next year is the same for all business sites, regardless of business type.

The Ministry of Labor has made it possible for labor and management organizations to challenge the results of the resolution of the Minimum Wage Commission by the 30th of last month, following the procedures set out in the Minimum Wage Law, but no other groups have objected.

The labor community, which has reacted to the outcome of the resolution of the Minimum Wage Commission, has no significance in appeals and is calling for reform of the overall minimum wage system.