
South Korea's Minimum Wage Set to Rise to KRW 9,860 in 2024, Misses the KRW 10,000 Mark
SEOUL, SOUTH KOREA - After extended discussions, the Minimum Wage Commission (MWC) of South Korea has decided on a 2.5% increase for the minimum wage in 2024, bringing it to KRW 9,860 per hour, up KRW 240 from this year's KRW 9,620. This growth rate is the second lowest in history, excluding the 1.5% increase in 2021. This means that the long-standing goal of labor circles to reach a KRW 10,000 minimum wage remains unfulfilled. The commission, composed of 26 members, including 8 worker represen










