The new minimum wage in Korea for 2017 was announced by the government in July 2016. It will be effective on January 1, 2017. Based on the report, workers should get a minimum wage of 6,470 won per hour. In a 40-hr work week, employees should get a basic pay of 1,352,230 won per month.
Here’s what a minimum wage employee should expect to earn:
| 2016 | 2017 | |
|---|---|---|
| Hourly | 6,030 | 6,470 |
| Daily (8 hrs) | 48,240 | 51,760 |
| Weekly (40 hrs) | 241,200 | 258,800 |
| Monthly (209 hrs) | 1,260,270 | 1,352,230 |
If the worker is earning a minimum wage, expect to get the amount mentioned in the table. The equivalent of the minimum wage in Philippine peso is as follows, based on current (December 31,2016) average rate.
| 2017 Minimum Wage | PHP value, Dec 31, 2016 | |
|---|---|---|
| Hourly | 6,470 | 265.995 |
| Daily (8 hrs) | 51,760 | 2,127.595 |
| Weekly (40 hrs) | 258,800 | 10,639.794 |
| Monthly (209 hrs) | 1,352,230 | 55,592.925 |
If you have questions about the new minimum wage for 2017, contact HRD KOREA at 1577-0071 and press 4 for Tagalog.
You should expect to see this salary in your payslip from February 2017.
Cheers to a prosperous 2017!
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