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

The Ministry of Employment and Labor issued a public notice on Tuesday announcing the rate for 2026, marking an increase of two-point-nine percent, or 290 won, from this year’s rate of ten-thousand-30 won.

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

The Minimum Wage Commission, with representation from labor, management and the public sector, set the rate on July 10.

It is the first time in 17 years the rate has been decided through an agreement, rather than a vote. 

The ministry said the rate was finalized after a ten-day review period in which neither labor nor management raised any objections.