Yeosu-si Decides Next Year's Living Wage Hourly Rate at 9,640 Won

10.6% Higher Than Minimum Wage... Applied to City-Affiliated Institutions and Others

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Yeosu City announced on the 28th that the Living Wage Committee, held on the 22nd, decided the living wage for next year to be 9,640 KRW per hour.

This is an increase of 190 KRW (2%) from this year's living wage of 9,450 KRW, and 920 KRW (10.6%) more than next year's minimum wage of 8,720 KRW.

The living wage decided this time will be applied from January 1st next year to city-affiliated organizations, investment and donation institutions, and organizations and groups receiving subsidies entrusted with city affairs.

Yeosu City enacted an ordinance related to the living wage in 2017 and has been implementing the living wage in earnest since 2018.

A representative of the Living Wage Committee stated, "The living wage was decided considering workers' livelihood stability, the ripple effects on the local economy, and the minimum wage."