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HR Insights
2023-07-28
Author | Jihye Lim
Contents Writer
On July 19, the Minimum Wage Committee announced that the minimum wage for 2024 would be 9,860 won, a 2.5% increase from this year. Let’s compare the actual earnings of the 2023 minimum wage and the 2024 minimum wage and find out what’s related to next year’s minimum wage.
Next year’s minimum wage has been set at 9,860 won per hour, a 2.5% increase from this year’s hourly wage of 9,620 won.
Therefore, the expected monthly salary including 40 hours of regular work per week and weekly vacation time is approximately 2,060,740 won, an increase of approximately 50,000 won compared to 2023, and the annual salary is 24,728,880 won, which is approximately 22 million won after deducting various taxes and four major insurances. It looks like it will. The minimum wage decided this time will be finalized and take effect from January 1 to December 31, 2024.
The minimum wage applies to all businesses or workplaces that employ more than one worker, and violations may result in fines. However, there are exceptions where the minimum wage does not apply. During employment of more than one year, 90% of the minimum wage, reduced by 10%, can be paid for the 3-month probationary period.
The minimum wage in 2024 was increased by 2.5% compared to 2023. Based on this, let’s check the table below to see what will be the changes in monthly salary, weekly salary, and annual salary in 2024.
※ The above calculation is a simple calculation and may vary depending on individual working hours and working environment.
💡 Related article: Learn about the payment conditions for weekly holiday allowance (feat. Weekly holiday allowance calculator)
There are 29 laws linked to the minimum wage and 48 welfare-related systems. Among them, unemployment benefits, employment insurance fund-related benefits, and industrial accident insurance compensation are representative.
Since the daily amount of unemployment benefit is linked to the minimum wage, the lower limit is 63,104 won per day, which also affects the income range under the National Basic Living Act and is adjusted accordingly. Additionally, according to the Industrial Accident Compensation Insurance Act, when calculating industrial accident insurance benefits, if the minimum compensation standard amount is less than the minimum wage amount, the minimum wage amount is used as the minimum compensation standard. Vacation benefits before and after childbirth are also paid based on the minimum wage if the regular hourly wage is less than the minimum wage.
In the case of companies’ regular bonuses, transportation expenses and holiday bonuses, which were classified as cash welfare expenses, are also expected to be included in line with the minimum hourly wage of 9,860 won in 2024, affecting the income range.
Today we learned about the minimum wage that will apply from January 1, 2024. It would be a good idea to check in advance the minimum wage and corresponding wages, weekly holiday allowance, and annual leave allowance that will be applied from next year.
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