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Formula to calculate minimum wage. Labor laws of the Republic of Korea.

Formula to calculate the amount the monthly minimum wage is as follows. 

 

1. To calculate wage standards include 44 hours a week. 

[44 hours (typical week) + 8 hours (working holiday) X 52 weeks + 8 hours (working day)% 12 months] = 226 hours X 4,110 won a minimum pay 928,860 won per month. 

 

2. To calculate wage standards include 40 hours per week. 

[40 hours (per week) + 8 hours (working holiday) X 52 + 8 hours a week (working day)% 12 months] = 209 hours X 4,110 won a minimum pay 858,990 won per month. 

 

    Can see that working hours be calculated as the minimum monthly wage is more than 32 hours of actual
work hours due to labor laws of the Republic of Korea. Requires employers to pay holiday allowance, even if the labor will not work otherwise. The calculation to 8 week time scale. 

 

        Minimum wage rates as above. Does not apply to workers in the internship agreement. But labor internship. Must be paid not
less than 90 percent of minimum wage. If actual hours worked is lower than that specified in the contract. Employers to pay
wages according to real working hours. 

 

       If employers are required to stop operations temporarily as a result of employer error.  Employers must pay wages to employees
 of not less than 70 per cent of average wages during the strike order. 

 

As c Prapa Bmrugsuk consultants (Department of Labor) Sat. Seoul at the record.


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