South Korea’s labor ministry said Tuesday that it confirmed the raise of minimum wage for next year by 2.9 percent.
The compulsory hourly minimum wage for 2026 was set at 10,320 won (7.43 U.S. dollars), up 2.9 percent compared with this year’s 10,030 won (7.22 dollars), according to the Ministry of Employment and Labor.
The rising rate of 2.9 percent was faster than this year’s 1.7 percent. The Asian country adopted the minimum wage system in 1988.
The per-hour minimum wage amounted to 2,156,880 won (1,552 dollars) per month based on a 40-hour workweek.
