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• HOME › ANNOUNCEMENTS › ROK GOVERNMENT SETS NEW MINIMU...

ROK GOVERNMENT SETS NEW MINIMUM WAGE FOR 2017

By: Embassy of the Republic of the Philippines, Seoul

The Embassy of the Philippines in Seoul is pleased to inform the Filipino public that starting 01 January 2017, the minimum wage for workers in South Korea will be KRW 6,470, or US$ 5.83, per hour. This reflects a 7.3 percent increase from the current minimum wage of KRW 6,030 per hour. This translates to a daily minimum wage of KRW 51,760 (calculated on a standard of 8 working hours a day); weekly wage of KRW 258,800 (for a 40-hour work week); and monthly wage of KRW 1,352,230 (for those who work 209 hours full time in a month).

Philippine Ambassador to the Republic of Korea Raul S. Hernandez welcomes this positive development that is expected to benefit some 24,000 Filipino employees under the Employment Permit System (EPS). �쏷he new minimum wage will enable our kababayans, who put in decent work and contribute to the development of the country, to cope with increasingly tough economic conditions. Rest assured, the Philippine government, through the Philippine Embassy, will continue to work with the Korean government to make current labor policies and standards more responsive to your needs.��

The increase in the minimum wage was formally announced by the Ministry of Employment and Labor (MOEL) on 5 August 2016. This continues the Korean government�셲 initiative to raise the minimum wage law standard: from 7.2 percent in 2014 to 8.1 percent in 2016.

Per the Korean government�셲 estimate, the increase in the minimum wage will affect an estimated 3.36 million workers, or 17.4 percent of the entire work force, in the country. It covers all employees as defined in the Labor Standards Act regardless of their employment status (i.e., temporary, daily, or part-time employees).