Busan City sets next year's living wage at 12,729 won per hour, 2,029 won above the minimum wage

[Financial News] Busan City said on the 7th that it had finalized the city's 2027 living wage at 12,729 won per hour.
This is an increase of 454 won (3.7%) from this year's living wage of 12,275 won. It is 2,029 won higher than the 2027 minimum wage of 10,700 won per hour, announced by the government last August, and 424,061 won higher when converted to monthly pay (based on 209 standard working hours per month).
A living wage is set at or above the minimum wage to enable workers to maintain a minimum standard of humane and culturally fulfilling living.
In addition to workers at the city and its affiliated public institutions, as well as workers performing tasks privately outsourced by the city, the city has included workers who perform city work and are employed by companies carrying out the city's construction and service contracts among those covered by the living wage, starting next year.
Since introducing the living wage in 2018, the city has gradually expanded the groups covered.
The 2027 living wage will take effect on January 1 next year. The city plans to announce the groups covered and the finalized amount on its website in October.
Mayor Jeon Jae-su said, "I hope this expansion of eligibility for the living wage will lead to its adoption in the private sector, laying the groundwork for more workers to enjoy stable lives and local businesses to grow alongside them."
[email protected] Kwon Byeong-seok Reporter