▲ The 14th plenary meeting of the Minimum Wage Commission is held at the Government Complex-Sejong on July 14.
The Ministry of Employment and Labor announced that it finalized and officially notified the minimum wage for 2027 at 10,700 won per hour today (August 5).
This is an increase of 380 won (3.7 percent) from this year's minimum wage of 10,320 won per hour.
Converted into a monthly salary, it amounts to 2,236,300 won (based on 40 hours of work per week and 209 hours per month), and it will apply equally to all workplaces regardless of industry.
Previously, the Minimum Wage Commission, composed of employer, worker, and public interest representatives, determined next year's minimum wage during its 14th plenary meeting on July 14.
Subsequently, the Ministry of Labor announced the minimum wage proposal on July 16 and accepted objections through July 27.
During this period, the Korean Confederation of Trade Unions (KCTU) filed an objection, arguing that the minimum wage should be applied to piece-rate workers, including special employment and platform workers.
Conversely, the Korea Small Business Federation requested a re-deliberation, stating that the excessive increase in the minimum wage threatens the livelihoods of small business owners and could accelerate employment reductions.
However, the Ministry of Labor stated, "The raised objections were not accepted after comprehensively considering the purpose and content of the Minimum Wage Act regulations, as well as the deliberation and resolution process of the Minimum Wage Commission."
(Photo: Yonhap News)
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