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

Why This Matters

The hourly minimum wage increase in South Korea for 2027 reflects the government's ongoing efforts to address income inequality and support low-income workers, a key concern in the country's labor market. This decision also has implications for businesses, as they will need to adjust their labor costs and potentially consider changes to their compensation structures. The 3.7% increase is a moderate step towards improving the standard of living for vulnerable workers.