Gyeonggi Province announced on September 9 that it has set next year's living wage at 12,995 won per hour.

Converted to a monthly salary, this amounts to 2,715,955 won (based on 209 hours of work per month).

This is an increase of 443 won (3.5%) from this year's living wage of 12,552 won per hour.

It is 2,295 won (21.4%) higher than next year's minimum wage of 10,700 won per hour announced by the Ministry of Employment and Labor.

The increased living wage will take effect starting January 1 of next year, applying to workers directly employed by Gyeonggi Province and its affiliated public institutions, as well as indirectly employed workers in private consignment projects commissioned by the province.

The living wage is an amount determined by local governments taking into account the minimum wage along with workers' housing, education, and cultural expenses.

(Photo provided by Gyeonggi Province, Yonhap News)