Seoul City, Will the Living Wage per Hour in Autonomous Districts Be Set at 11,436 Won Next Year?

Seoul City Held Living Wage Committee Meeting on the 12th, Next Year's Living Wage Set at 11,436 KRW per Hour, 2.5% Higher Than This Year, Monthly Salary 2,390,124 KRW

The living wage for Seoul and its 25 autonomous districts is likely to be set at 11,436 KRW per hour next year.

On the 13th, Seoul held a Living Wage Committee meeting composed of representatives from labor organizations and experts, where this decision was made.

This translates to a monthly salary of 2,390,124 KRW (based on 40 hours of prescribed work per week, 209 hours per month).

This is a 2.5% increase (279 KRW) compared to this year, and it is 1,576 KRW higher than the 2024 minimum wage of 9,860 KRW per hour, which Seoul announced last August.

Following this decision on Seoul's living wage for next year, the autonomous districts in Seoul are also consecutively deciding their living wages for the coming year.

Yangcheon-gu and Geumcheon-gu held their Living Wage Committees and confirmed the living wage at 11,436 KRW per hour, matching Seoul's rate for next year.

Other autonomous districts are also likely to follow the standards set by Seoul, Yangcheon-gu, and Geumcheon-gu.

An official in charge at one of Seoul’s autonomous districts said, “Since Seoul’s living wage has been decided, it seems likely that the districts will follow suit.”

This is especially because Seoul and its districts are facing difficulties in preparing next year’s budget due to reduced tax revenues, such as decreases in real estate-related capital gains taxes.

Meanwhile, the living wage set by Seoul and its autonomous districts serves as the wage standard for workers in investment institutions and public jobs.