South Korea has officially set its 2027 minimum wage at ₩10,700 ($7.19) per hour, representing a 3.7% increase from the current hourly minimum wage of ₩10,320. The decision was announced on Tuesday following a lengthy meeting of the country's Minimum Wage Commission.
 |
| South Korea Minimum Wage 2027 |
The commission's plenary session, held at the Government Complex in Sejong, lasted approximately eight hours as labor and business representatives negotiated the new wage. Before the final meeting, the gap between the two sides had narrowed significantly, with only ₩690 separating their proposals.
Labor representatives initially called for an 8.7% increase, seeking an hourly wage of ₩11,220, while business representatives proposed a more modest 2.0% increase to ₩10,530.
During the final round of voting, worker representatives lowered their proposal to ₩10,730 per hour (a 4.0% increase), while employers maintained their proposal of ₩10,700. The employer-backed proposal received 17 votes, compared with 11 votes for the workers' proposal, making ₩10,700 the official minimum wage for 2027.
2027 South Korea Minimum Wage
Based on the new hourly wage, workers can expect the following minimum earnings:
- Hourly Wage: ₩10,700 (approximately $7.19 USD)
- Daily Wage (8 hours): ₩85,600
- Monthly Wage (209 hours): ₩2,236,300 (approximately $1,505 USD)
Employees working overtime or night shifts may also receive additional pay under Korea's Labor Standards Act:
- Night Shift Rate (50% premium): ₩16,050 per hour
- Overtime Rate: Eligible employees generally receive 150% of their regular hourly wage, equivalent to ₩16,050 per overtime hour. (Actual overtime pay depends on the type of work and applicable labor regulations.)
What This Means
The 3.7% increase is intended to help workers keep pace with rising living costs while balancing concerns from employers about increasing labor expenses. The new wage will affect millions of workers across various industries, including retail, hospitality, manufacturing, and service sectors.
For international students, foreign workers, and anyone planning to work in South Korea, the updated minimum wage provides a clearer picture of expected earnings beginning in 2027.
As inflation and living costs continue to be closely watched, the annual minimum wage decision remains one of South Korea's most significant labor policy announcements.