July 14, 2018
The Minimum Wage Commission (Chairman Ryu Jang-soo), at its plenary meeting which started at 10:00AM on July 14th and lasted until 4:40 AM the following day, passed a proposal to set the minimum wage for 2019 at 8,350 won per hour.
This is an increase of 820 won or 10.9% from this year's hourly minimum wage of 7,530 won. If translated into a monthly wage (209 hours per month: 40-hour workweek, including paid weekly holidays), this means 1,745,150 won per month, an increase by 171,380 won from this year.
The estimated number of workers who will be subject to the 2019 minimum wage varies by surveys. According to the Survey on Labor Conditions by Type of Employment by the Ministry of Employment and Labor, the 2019 minimum wage will affect an estimated 2.9 million workers (18.3% of the whole labor force in Korea), while the Supplementary Results of the Economically Active Population Survey by the Statistics Korea estimates 5.01 million workers (25.0% of the labor force) will be subject to the new minimum wage.