Korea Minimum Wage
On July 16th, the government announced the minimum wage for the fiscal year 2017. Every year, the minimum wage goes under a review by the Minimum Wage Commission. It is composed of a Chairman, a Vice Chairman and 27 commissioners composed of Worker Councilors, Employer Commissioners, Public Interest Commissioners and Special Commissioners.
The Korea minimum wage is currently at 6,030 won.
8 hours per day = 48,240 won
40 hours per week = 241,200 won
monthly (209 hours) = 1,260,270 won
For 2017, the minimum wage is 6,470 won per hour.
8 hours per day = 51,760 won
40 hours per week = 258,800 won
monthly (209 hours) = 1,352,230 won
The minimum wage for the coming 2017 represents an increase of 7.3% from 2016. It will take effect on the new year. For the remaining half of 2016, the minimum wage implemented is 6,030 won.
At the current exchange rate, 6,030 won is equivalent to:
– 5.30 USD
– 247.90 PHP
If you’re a Filipino working in Korea, your minimum wage could be:
Daily (8 hours) – 1,982.37 PHP
Weekly (40 hours) – 9,911.93 PHP
Monthly (209 hrs) – 51,789.29 PHP
Of course, there are deductions such as withholding tax and mandatory insurances.