The minimum wage for next year has been set at ten-thousand-30 won per hour, or about seven dollars 40 cents, surpassing the ten-thousand won mark for the first time.

The Ministry of Employment and Labor issued a public notice on Monday announcing the new rate for 2025, marking an increase of one-point-seven percent, or 170 won, from this year’s rate of nine-thousand-860 won.

This translates to a monthly wage of approximately two-point-09 million won for those working 40 hours a week, or 209 hours a month.

The new minimum wage will be applicable across all industries, consistent with current practices.

The rate set by the Minimum Wage Commission last month through eleven rounds of plenary meetings was finalized after both labor and management did not object to the decision during a ten-day review period. It’s the first time in four years that no objections were made during the period.