The minimum wage for next year has been set at ten-thousand-320 won, or about seven dollars and 50 cents, per hour.

The Minimum Wage Commission, with representation from labor, management and the public sector, set the new rate for 2026 on Thursday, approving a two-point-nine percent increase from this year’s ten-thousand-30 won per hour.

This translates to a monthly wage of approximately two-point-15 million won for people working 209 hours a month. 

It is the first time in 17 years that the minimum wage has been decided through a tripartite agreement rather than a vote. 

The tripartite panel is required to submit the new rate to the labor minister, who will make a formal announcement by August 5.