Increase of 1.4% from 10,870 Won this year
Goyang City in Gyeonggi Province announced on the 13th that it has decided to raise the 'living wage' for next year by 1.4% from the current 10,870 won to 11,020 won.
The 'living wage' refers to a wage that takes into account the minimum wage and other factors to enable workers to support their families and maintain a practical standard of living in areas such as education and culture.
Recently, Goyang City held a tripartite council meeting to decide next year's living wage, where they reviewed and resolved the living wage by considering the minimum wage increase rate, inflation rate, household expenditures, and the city's financial conditions for the coming year.
Goyang City's living wage for next year was set 9.9% higher than the government's minimum wage of 10,030 won. When converted to a monthly salary (209 hours), it amounts to 2,303,180 won.
The living wage decided this time will be applied from January 1 next year to directly employed workers of the city and its funded and affiliated institutions, as well as indirectly employed workers such as consigned and contracted workers affiliated with the city.
A city official said, "We hope that the living wage will contribute to the stable livelihood and improved quality of life of workers and help revitalize the local economy."
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