The minimum wage applicable in 2027 has been set at 10,700 won per hour. Based on a 40-hour workweek, the monthly converted amount is 2,236,300 won.

The Ministry of Employment and Labor announced the minimum wage, applicable from January 1 to December 31, 2027, in accordance with Article 10, Paragraph 1 of the Minimum Wage Act.

Single Application... No Discrimination by Industry or Employment Type

The 2027 minimum wage of 10,700 won per hour will be applied equally across all industries, regardless of sector. No differentiation is made by type of business, and no separate standards have been established for piece-rate workers.

Basis for Calculating the Monthly Converted Amount of 2,236,300 Won

The monthly converted amount of 2,236,300 won is calculated based on 209 hours per month, which consists of 40 statutory working hours per week plus 8 hours of paid weekly holiday leave. If a worker subject to the minimum wage works 209 hours per month, the employer must pay a minimum of 2,236,300 won, taking into account the scope of inclusion in the minimum wage calculation.

Actual Payment Amount Varies Depending on Working Hours

Since the monthly converted amount is calculated based on 209 hours, the actual monthly payment may vary depending on working hours, statutory working hours, weekly holiday leave hours, scope of wage inclusion, and type of employment contract. Employers and workers need to review these factors to verify whether the minimum wage is met.

[The applicability of the minimum wage and the actual monthly payment amount may vary depending on working hours, statutory working hours, weekly holiday leave hours, scope of wage inclusion, and type of employment contract. For specific application standards, please refer to the latest guidance from the Ministry of Employment and Labor or the competent labor office. This article was written with AI assistance.]