Yeosu City Sets Next Year's Living Wage at 10,710 Won per Hour

3.2% Increase Compared to This Year, Life Stability, and Real Improvement in Quality of Life

Yeosu City, Jeollanam-do (Mayor Jeong Gi-myeong) announced that the 2024 living wage hourly rate has been set at 10,710 KRW.

The "living wage" refers to a wage slightly higher than the currently implemented minimum wage system, aimed at stabilizing the lives of city employees and improving their actual quality of life.

[Photo by Yeosu City]

According to the city on the 4th, the Yeosu City Living Wage Committee held on the 26th of last month decided the 2024 living wage to be 10,710 KRW per hour.

This decision was made after comprehensively reviewing various indicators such as the minimum wage increase rate, average consumer price inflation rate, and household expenditure increase rate.

Accordingly, starting from January 1, 2024, a total of about 1,500 people, including city employees, workers at city-funded and city-supported institutions, and employees of organizations receiving subsidies entrusted with city affairs, will be subject to the living wage.

The 2024 living wage of 10,710 KRW is an increase of 330 KRW (3.2%) compared to this year's living wage of 10,380 KRW, and it is 850 KRW (8.62%) higher than next year's minimum wage of 9,860 KRW.

A representative of the Living Wage Committee said, "In the current situation where workers' burdens are increasing due to difficult economic conditions, labor market circumstances, and rising prices, we hope this living wage decision will contribute even a little to improving workers' quality of life."

Meanwhile, Yeosu City introduced the living wage after enacting the "Yeosu City Living Wage Ordinance" in 2017, and this is the seventh living wage decision.