2016 Minimum Wage at 6,030 won
2016 Minimum Wage
Hourly Rate: 6,030 KRW
Daily Pay: 48,240 KRW
Overtime Hourly Rate : Hourly Rate x 1.5: 9,045 KRW
Night Differential: Hourly Rate x .5 : 3,015 KRW
Saturdays are Overtime Hourly Rate
SEOUL, July 9 (Yonhap) — A government body raised the minimum wage by the highest rate since 2008, an official said Thursday, in an apparent effort to revive the faltering economy.
South Korea’s minimum wage was set at 6,030 won (US$5.31) per hour for next year, up 8.1 percent from 5,580 won for this year, said Kim Sang-bum, an official handling the issue at the Minimum Wage Council.
The new minimum wage — roughly the cost of a Starbucks’ grande-sized Caramel Macchiato — translates to 48,240 won a day for those who work eight hours and 1.26 million won a month for those who work 209 hours.
For more information: http://english.yonhapnews.co.kr/news/2015/07/09/0200000000AEN20150709006600315.html
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