President Moon has promised to increase the minimum wage from the current KRW6,470 to KRW10,000 by 2020.
Raising the minimum wage to KRW10,000 from the current level of KRW6,470 would require a double-digit increase every year until 2020. Companies should evaluate and, if necessary, change their current pay systems to ensure they do not result in unnecessary exclusion of items of compensation from the calculation of employees' minimum wages. Please note that many bonuses and allowances are not included in the calculation of the minimum wage. Violation of the minimum-wage law is subject to criminal penalties.