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South Korea sets 2027 minimum wage at US$7.19 per hour, up 3.7%

Labour and employer representatives had finally agreed on a set rate for South Korea's 2027 minimum wage, after rounds of negotiations prior to, and during the South Korea's Minimum Wage Commission's plenary session on Tuesday.

Lim Jae-seong

Lim Jae-seong

The Korea Herald

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Thematic image: A pedestrian walks past a money exchange sign at a shopping district in Seoul on March 23, 2026. South Korea's won dropped to its weakest level against the US dollar in 17 years in early trading on March 23, amid market volatility sparked by the Iran war. PHOTO: AFP

July 15, 2026

SEOUL – South Korea’s Minimum Wage Commission on Tuesday set the country’s 2027 minimum wage at 10,700 won ($7.19) per hour, a 3.7 percent increase from the current level, the Ministry of Employment and Labor said.

The plenary session, which began at 3 p.m. at the Government Complex Sejong, lasted about eight hours. Ahead of Tuesday’s meeting, the gap between labor and management had narrowed to 690 won from their initial proposals during the previous day’s negotiations.

Labor representatives had initially sought an 8.7 percent increase, or 900 won, from the current hourly wage of 10,320 won, while business representatives proposed a 2.0 percent increase, or 210 won.

In the final vote, worker representatives proposed an hourly wage of 10,730 won, a 4.0 percent increase, while employer representatives proposed 10,700 won. The workers’ proposal received 11 votes, while the employers’ proposal won 17 votes, making 10,700 won the final minimum wage for 2027.

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