(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 in South Korea's ongoing efforts to address income inequality and improve the living standards of low-wage workers. This increase, which represents a 3.7 percent hike from the current rate, is likely to have far-reaching implications for the country's labor market and economic growth. The move is also notable given the current global economic uncertainty, as it demonstrates South Korea's commitment to supporting its most vulnerable workers.