Korea's Minimum Wage Update 2027

On July 16, 2026, the Minimum Wage Commission announced that the minimum wage for 2027 would be KRW 10,700 per hour, a 3.7% increase from this year. This amounts to an annual equivalent of KRW 26,835,600, based on a 40-hour workweek and 209 working hours per month. 

In Korea, the minimum wage is uniformly applied across all workplaces, regardless of business type or number of employees. One reason is that labor unions have strongly opposed industry-specific minimum wages. However, please note that it does not apply to businesses employing only family members living together or to domestic workers.

This adjustment is particularly relevant for those applying for or renewing their F-2-7 status. Starting January 1, 2027, individuals must show an annual income of at least KRW 26,835,600 for either 2025 or 2026, depending on the filing date, in order to earn points in the annual income category.

Below is a table displaying the minimum wage figures in Korean Won (KRW) beginning from the year 2024:

	2024	2025	2026	2027
Minimum Wage per Hour	9,860	10,030	10,320	10,700
Monthly Equivalent	2,060,740	2,096,270	2,156,880	2,236,300
Annual Equivalent	24,728,880	25,155,240	25,882,560	26,835,600

We hope this article helps for your purposes. Please feel free to contact us at hak@diego.kr if you have any question or comment in this regard.