Historic consensus reached between labor and management, raising hourly minimum wage by 2.9 percent
New minimum wage to apply uniformly across all industries, with authorities pledging enhanced compliance and policy communication
South Korea has finalized its minimum wage for 2026, setting the rate at 10,320 won per hour—a 2.9 percent increase from the current year. This decision holds particular significance as it marks the first consensus between labor and management since 2008, achieved through July negotiations.
On August 5, the Ministry of Employment and Labor announced that the minimum hourly wage for 2026 will rise by 290 won from the previous year, bringing the total to 10,320 won. For employees working 40 hours a week (209 hours per month), this translates to a monthly wage of 2,156,880 won.
The proposed rate was confirmed without further objections during the official objection period, which ran from July 18 to 28 this year. As a result, the minimum wage for 2026 stands as initially determined.
This new minimum wage is set to be applied equally across all industries. Kim Young Hoon, Minister of Employment and Labor, emphasized plans to strengthen on-site inspections for compliance and to expand public awareness efforts regarding the policy changes. The minister also noted that the government will continue to pursue improvements to the system in order to best reflect ongoing changes in the labor market and workplace conditions.
Note “This article was translated from the original Korean version using AI assistance, and subsequently edited by a native-speaking journalist.”
Photo=Ministry of Employment and Labor
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