Geumcheon-gu Confirms 2024 Living Wage at 11,436 Won, Up 2.5%

Hourly wage set at 11,436 won, monthly salary at 2,390,124 won... Hourly wage increased by 279 won, monthly salary by 58,311 won compared to this year... 1,576 won per hour and 329,384 won per month higher than the minimum wage of 9,860 won

Geumcheon-gu (Mayor Yu Seong-hoon) announced that the 2024 living wage has been finalized at 11,436 KRW per hour after deliberation by the 'Geumcheon-gu Living Wage Committee.'

The 2024 living wage in Geumcheon-gu is a 2.5% increase from this year's living wage of 11,157 KRW and is 1,576 KRW higher than next year's minimum wage of 9,860 KRW per hour. When converted to a monthly salary (based on 209 hours), it amounts to 2,390,124 KRW, which is 329,384 KRW more than the minimum wage.

Workers directly employed by the district office and its invested and funded institutions (Facility Management Corporation, Cultural Foundation, Job Corporation) who are subject to the living wage will receive 58,311 KRW more per month next year compared to this year.

The living wage system is a wage structure that guarantees a somewhat higher amount than the minimum wage by comprehensively considering housing costs, education expenses, and inflation rates to ensure a dignified life for workers. Geumcheon-gu enacted the Living Wage Ordinance in October 2015 and has been implementing the living wage system since 2016.

Yu Seong-hoon, 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.”