Gyeonggi Province's 2021 Living Wage Set at 10,540 Won per Hour

[Suwon Ilbo=Reporter Park No-hoon] Gyeonggi Province announced that it has finalized the '2021 Gyeonggi Province Living Wage' at 10,540 won per hour, approximately 21% higher than next year's minimum wage, and announced the determination on the 10th.

This represents a 1.7% increase from this year's living wage of 10,364 won, with a monthly salary increase of 37,000 won (2.166 million won→2.203 million won). In particular, it is 1,820 won higher than the minimum wage of 8,720 won per hour announced by the Ministry of Employment and Labor.

Based on the '2021 Living Wage Calculation Standards' established and proposed by the Gyeonggi Research Institute, this amount was finalized by Gyeonggi Province on the basis of the decision made by the 'Gyeonggi Province Living Wage Committee' held on the 27th of last month.

Specifically, from among the range of 10,428 won to 10,580 won presented based on the relative poverty line, housing costs, education, transportation, communication expenses, and consideration of the economic impact of COVID-19, the living wage of 10,540 won, representing a 1.7% increase from 2020, was finalized after comprehensively considering workers' difficult economic circumstances and the minimum wage increase rate (1.5%).

The '2021 Living Wage' of 10,540 won per hour determined this time will be applied from January 1, 2021. The applicable targets are workers belonging to the province and provincial invested and funded institutions, as well as indirectly employed workers of the province, expected to reach approximately 2,100 people.

Kim Kyou-sik, Director of the Provincial Department of Labor, stated, "Considering the difficulties many workers face due to COVID-19, we calculated an amount that can improve workers' quality of life by reflecting opinions from all sectors through expert discussion on living wages, living wage forums, and the Living Wage Committee," and added, "We hope the living wage system will serve as a catalyst to boost income for workers and activate consumption, revitalizing the stagnant local economy."