Minimum Wage in South Korea
(Are you earning the right amount?)
How much can you earn working hourly part time job?
Minimum wage is the lowest hourly, daily or monthly amount that employers are legally allowed to pay employees. The purpose of minimum wage is to stabilize workers' lives and improve the quality of the labor force by guaranteeing them a minimum wages, thereby contributing to the sound development of the national economy in South Korea. This Act shall apply to all businesses or work establishments that have one or more employees.
The lowest hourly minimum wage in 2014: 5,210 Korean won/hour.
The daily salary: 5,210 X 8 hours= 41,680 Korean won.
Suppose, if you work under the regulations of the minimum wage law, you should earn at least 1,088,890 Korean won per month.
If the hourly rate is lower than the set minimum wage, the employer will be sentenced to 3-year imprisonment at most. Furthermore, the employer might see a penalty as high as 20 million Korean won.
Even if the employee signs a contract in which the hourly wage was set below the minimum wage, the contract is regarded as invalid and afterwards, the employee should eventually get the minimum amount of salary in accordance with minimum level of wage.
NOTE: This article is meant to empower and inform those who are working on minimum wage. It is not meant to persecute employers.