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2024 Minimum Wage Rise Set At +2.5%

SOUTH KOREA

The South Korean Minimum Wage Commission announced that the 2024 minimum wage would be set at 9860won/per hour. This is a 2.5% increase from the current 9620won rate. It was well below what labour unions had been calling for, with the Federation of Korean Trade Unions looking for a rise of close to 27% (to 12210won). For this year, the minimum wage rise was +5%.

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