* For the most updated information, please refer to:
Minimum Wage for 2024
In a press release dated August 4, 2023, the Ministry of Employment and Labor announced the minimum wage for the upcoming year 2024, setting it at KRW 9,860 per hour. When converted into monthly and yearly earnings, this hourly rate corresponds to KRW 2,060,740 per month and KRW 24,728,880 per year (calculated based on a 40-hour work week and 209 hours per month).
Notably, Korea enforces a uniform minimum wage policy across all workplaces, regardless of business category, geographical location, or employee type, which also encompasses foreign nationals.
Below is a table displaying the minimum wage figures in Korean Won (KRW) beginning from the year 2021.
| 2021 | 2022 | 2023 | 2024 |
Minimum Wage (per hour) | 8,720 | 9,160 | 9,620 | 9,860 |
Monthly Earning (based on Minimum Wage) | 1,822,400 | 1,914,440 | 2,010,580 | 2,060,740 |
Yearly Earning (based on Minimum Wage) | 21,868,800 | 22,973,280 | 24,126,960 | 24,728,880 |
Implications on F-2-7 Status
The adjustments in the minimum wage have implications for various visa and status categories, with particular ones on the F-2-7 status.
First, to achieve 10 points or more within the income category for a F-2-7 status application in 2024, your income in 2023 must amount to a minimum of KRW 24,728,880.
Additionally, if you are considering extending your F-2-7 visa next year, an extension of one year can be granted as a grace period, even if your total accumulated points fall below 80. This extension is contingent upon your continued employment at that time and your 2023 employment income of no less than KRW 24,728,880. However, if your plan involves seeking this grace period extension without employment and instead relies on a business income equivalent to the minimum amount, it is advisable to seek consultation before proceeding.
Business Income
On a separate note, there was a time when business income was not factored into the points calculation for the income category when seeking an extension of the F-2-7 status. This was due to the prior requirement that F-2-7 visa holders needed specific authorization to engage in business activities. However, such authorization for business activities is not being required by the local Immigration Offices for the time being. As a result, F-2-7 holders can now confidently operate their own businesses, as their current business income will be factored in when applying for an extension of their F-2-7 status.
We hope this article helps for your purposes. Please feel free to contact us if you have any question or comment in this regard.
