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Wages refer to wages, salary, or any other kinds of money or valuables (regardless as to how they are referred) which an employer pays to its employee as remuneration for work under the Labor Standards Act, the Wages Claim Guarantee Act, and the Minimum Wage Act. The minimum wage for 2024, publicly notified by the Ministry of Employment and Labor, is KRW 9,860 per hour and KRW 2,060,740 per month on a 209-hour basis.
Payment
Payment of wages shall be directly made in full to employees in currency. If otherwise prescribed by statutes or by a collective agreement, wages may be partially deducted or paid by means other than currency.
Date of Payment
Wages shall be paid at least once per month on a fixed day. This shall not apply to extraordinary wages, allowances, other similar payments, or those wages prescribed by Presidential Decree. Employers shall pay wages corresponding to work already offered even prior to the payday if an employee requests the employer to do so in order to cover expenses for childbirth, disease, disaster, or other emergencies (marriage, death, returning home for at least one week due to unavoidable circumstances) as prescribed by Presidential Decree.
Overtime Work, Night Work, and Holiday Allowances
Employers shall, in addition to the ordinary wages, pay 50 percent or more thereof for overtime work and night work (work between 10:00 p.m. and 6:00 a.m. of the following day). For holiday work, employers shall, in addition to the ordinary wages, pay 50 percent or more thereof for work of eight hours or less and 100 percent or more thereof for work exceeding eight hours.
