Geumcheon-gu Confirms Next Year's Living Wage at 11,157 Won, Up 3.6%

[Seoul District News] Geumcheon-gu 2023 Living Wage Hourly Rate Set at 11,157 KRW, Monthly Salary 2,331,813 KRW & Hourly Rate Up 391 KRW, Monthly Salary Up 81,719 KRW from Last Year & Amount 1,537 KRW Hourly, 321,233 KRW Monthly Higher than Minimum Wage 9,620 KRW

[Asia Economy Reporter Jongil Park] Geumcheon-gu (Mayor Yuseonghun) announced that the 2023 Geumcheon-gu living wage has been set at 11,157 KRW per hour, the same amount as the Seoul living wage.

The 2023 Geumcheon-gu living wage is 1,537 KRW higher than next year's minimum wage of 9,620 KRW per hour.

This is a 3.6% increase from this year's living wage of 10,766 KRW. When converted to a monthly salary (based on 209 hours), it amounts to 2,331,813 KRW, which is 321,233 KRW more than the minimum wage.

Accordingly, employees hired under the living wage system at the district office and affiliated organizations (Facility Management Corporation, Cultural Foundation, Job Corporation), as well as those employed in projects subsidized by national and city funds, will receive 81,719 KRW more per month next year compared to this year.

The living wage system is a wage structure that guarantees workers an income slightly higher than the minimum wage by comprehensively considering housing costs, education expenses, and inflation rates to ensure a minimum decent standard of living. Geumcheon-gu enacted the living wage ordinance in October 2015 and has been implementing the living wage system since 2016.

Yuseonghun, Mayor of Geumcheon-gu, stated, “Although the increase is small to alleviate economic difficulties caused by high inflation, I hope it will help improve the quality of life and stabilize the living conditions of Geumcheon-gu workers even a little.”