Overview

• The Minimum Wage Commission agreed to raise the hourly rate by 2.9 percent to 10,320 won, marking the first vote-free tripartite accord since 2008
• Objective inflation data and assessments of small merchants and vulnerable workers shaped the modest increase
• This is the first minimum wage determination under President Lee Jae Myung’s administration since he took office last month
• The presidential office has pledged active promotion of the new wage and workplace inspections to ensure faithful implementation
• The proposal has been submitted to the Ministry of Employment and Labor and will face a formal objection period ahead of an August 5 approval decision for a January 1, 2026 effective date