(3rd LD) Hourly minimum wage set at 10,700 won for 2027, up 3.7 pct from this year

Why This Matters

The decision to raise the hourly minimum wage to 10,700 won for 2027 marks a significant step towards addressing income inequality in South Korea, where the cost of living continues to rise. This increase, up 3.7 percent from the current year, is expected to have a ripple effect on the country's labor market and consumer spending. The move also underscores the government's efforts to balance economic growth with social welfare.