The 2019 Minimum Wage is set at 8,350 won per hour

by FKTU posted Aug 24, 2018
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The minimum wage for 2019 has been set at 8,350 won per hour. This is an increase of 10.9% from this year's hourly minimum wage of 7,530 won.

 

If converted into a monthly wage (209 hours per month: 40-hour workweek, including paid weekly holidays), this means 1,745,150 won per month, an increase by 171,380 won from this year.

 

The estimated number of workers who will be subject to the 2019 minimum wage ranges from 2.9 million workers(18.3% of the whole labor force in Korea) to 5.01 million workers(25.0% of the labor force) by surveys.

 

Minimum wage is determined in minimum wage council which is composed of 9 councilors each representing workers, employers and public interest(27 councilors in total) deliberates. This year, all representatives from employers' side have boycotted the meetings, insisting on minimum wages classified by industry and some representatives from workers' side also did not attend, expressing discontent over the regressively revised minimum wage law. Under this difficult circumstances, FKTU has joined the negotiation and made a great effort to fulfill its social responsibility.

 

After the decision, FKTU said through a statement that the result is really disappointing but it will put spurs to raise the minimum wage to 10,000 won by 2020 as the president pledged.

negotiation.jpg

 


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