Starting from January 2021, the minimum wage in South Korea will be increased by 1.5% from 8,590 KRW per hour to 8,720 KRW per hour.
In 2018, the minimum wage in Korea was 7,530 KRW per hour and during the last two years the minimum wage has been increased in more than 2,000 KRW per hour. Based on 209 working hours every month, the monthly wage in 2021 will be 1,822,480 KRW (around US $1585).
By law, minimum wage in Korea is applied to any worker in any industry, local or foreigner and therefore local and foreign who has local employees in Korea should update their payroll system in advance.
Affected Services by KOISRA UP: Korea Payroll Services, PEO and Hybrid Payroll