The Minimum Wage Commission (Chairman Park Joon-shik), at its plenary meeting which started at 4:30 PM on July 11th (Thu.) and lasted until 5:30 AM the following day, passed a proposal to set the minimum wage for 2020 at 8,590 won per hour.
This is an increase of 240 won or 2.87% from this year's hourly minimum wage of 8,350 won.
If translated into a monthly wage (209 hours per month: 40-hour workweek, including paid weekly holidays), this means 1,795,310 won per month, an increase of 50,160 won from this year.
The estimated number of workers who will be subject to the 2020 minimum wage varies from one survey to another. According to the Survey on Labor Conditions by Type of Employment by the Ministry of Employment and Labor, the 2020 minimum wage will influence an estimated 1.37 million workers (8.6% of the total labor force in Korea), while the Supplementary Results of the Economically Active Population Survey by the Statistics Korea estimates 4.15 million workers (20.7% of the labor force) will be subject to the new minimum wage.