How Much Do You Need to Earn to Support a Family of Three in Seoul? What Is the Minimum Livable Wage for a Three-Person Household?

On the 18th, the Seoul Metropolitan Government announced that it has confirmed the hourly minimum wage that will be reflected in next year's municipal policies to be ₩11,436 (approximately $9.62 USD). When converted to a monthly salary, this amounts to ₩2,391,124 (approximately $2,011 USD).

 

This confirmed livable wage applies to approximately 13,000 workers, including direct employees of the Seoul Metropolitan Government and its investment agencies, employees of subsidiary companies of Seoul's investment agencies, privately contracted workers (supported 100% by the city), and participants in New Deal employment.

 

The Seoul Metropolitan Government recently determined the 2024 minimum wage through the "Seoul Minimum Wage Commission," composed of representatives from labor organizations and experts. They have made this information public.

 

In 2015, Seoul became the first domestic metropolitan local government to introduce the concept of a minimum livable wage. The livable wage represents the minimum wage necessary to maintain a basic standard of living, covering living expenses, housing, education, cultural activities, and more, for workers and their families.

 

Seoul's minimum livable wage is determined by considering the consumption level, housing costs, and inflation rates for a three-person household consisting of a dual-income couple and one child.

 

The ₩11,436 minimum wage for the upcoming year represents an increase of ₩279 (2.5%) compared to this year's ₩11,157. It is ₩1,576 higher than the ₩9,860 minimum wage announced in August for 2024. When calculated on a monthly basis for a standard of 209 hours of work per month (based on the 40-hour workweek), it amounts to ₩2,391,124.

 

This confirmed livable wage applies to approximately 13,000 workers, including direct employees of the Seoul Metropolitan Government and its investment agencies, employees of subsidiary companies of Seoul's investment agencies, privately contracted workers (supported 100% by the city), and participants in New Deal employment.

 

Furthermore, the Seoul Metropolitan Government's confirmed livable wage will take effect on January 1st of the coming year and will be applicable for one year. Park Jae-yong, the Seoul Metropolitan Government's Director of Labor, Fairness, and Coexistence Policies, explained that "the extent of next year's minimum wage increase was determined by considering fairness between the public and private sectors, the city's fiscal conditions, and inflation rates comprehensively."