The city of Busan has decided on its living wage for the next year, setting it at 12,275 won per hour, which is 1,955 won higher than the national minimum wage for next year. This decision was made following a review by the Busan Living Wage Committee, which consists of experts, labor, and management representatives. They considered factors such as the region’s consumer price inflation, minimum wage increases, and public institution wage growth, as well as household expenditure trends.
The living wage has been increased by 358 won (3%) from this year’s 11,917 won. In terms of monthly salary, this is 408,595 won higher than the minimum wage, assuming a standard of 209 working hours per month.
Approximately 2,900 workers within Busan’s governmental, affiliated public institutions, and outsourced labor sectors will be affected by this change. The new living wage will be implemented on January 1st, and the city plans to announce further details on its official website later this month.
Mayor Park Heong-joon noted that the decision took into account the potential impact on the private sector, aiming to ensure that workers are respected for their labor and can lead fulfilling lives.