South Korea has set the minimum wage standard for 2027 at 10,700 Korean won per hour.

According to reports, the South Korean Minimum Wage Commission has approved the 2027 minimum wage standard, set at 10,700 Korean won per hour, which is a 3.7% increase from this year. This increase exceeds the 2.7% CPI inflation forecast for 2026. Business groups warn that higher wages will further burden the labor costs of small companies.