The Korea Chamber of Commerce and Industry (KCCI) stated that the minimum wage for next year has been set to increase by 3.7% to 10,700 won, emphasizing that this will significantly burden self-employed individuals and small and medium-sized enterprises (SMEs).
On July 15, Choi Eun-rak, head of the KCCI's research division, commented on the 2027 minimum wage decision, saying, "The business community views this as a result of the Minimum Wage Commission's careful consideration of domestic and international economic conditions and the capacity of the field to absorb the increase."
He added, "This increase will weigh heavily on the ground, and I hope discussions will begin on a decision-making process that reflects objective indicators and the payment capacity of the field to prevent conflicts surrounding minimum wage determinations from recurring each year."
Meanwhile, it is estimated that 660,000 workers will be affected by the proposed minimum wage for 2027, based on the Employment Type Survey, while the Economic Activity Population Supplementary Survey estimates this number at 2,978,000. The monthly equivalent of next year's minimum wage, based on 209 hours, is 2,236,300 won.
* This article has been translated by AI.
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