THE Department of Labor and Employment yesterday said some 24,000 overseas Filipino workers in South Korea will benefit from the 7.3 percent increase in the minimum wage which will be implemented next year.
Labor Secretary Silvestre H. Bello III said Welfare Officer Manuela Peña, officer-in-charge of the Philippine Overseas Labor Office in Korea, reported that the Korean Ministry of Employment and Labor has announced the new minimum wage rate of Korean Won (KRW) 6,470 (P268.73) per hour for 2017.
Peña said the new minimum wage rate for 2017, which is a boon to South Korea-based Filipino workers, represents an increase of 7.3 percent over the current minimum wage rate of KRW 6,030 or P250.46 per hour.
She added that over 24,000 OFWs in both small and medium manufacturing industries employed under the Employment Permit System shall be covered by the new base rate starting next year.
The minimum wage, as defined in Korea’s Labor Standards Act, covers all employees, regardless of their employment status, whether temporary, daily or part-time employees; or nationality, including foreign workers.
The new minimum wage translates to KRW 51,760 (P2,149.87) per day on an 8-hour working day; or KRW 258,800 (P10,749.34) on 5 working days. This is equivalent to KRW 1,352,230 (P56,165.28) per month.
The South Korean government, through its Labor Standards Policy Department, shall closely monitor the employment conditions, support employment, and supervise the worksites to ensure that the new minimum wage is enforced.