South Korea's Minimum Wage Commission has approved the national minimum wage standard for 2027, setting it at 10,700 won per hour.

This figure represents a 3.7 percent increase compared to the current year's minimum wage.

The approved wage hike surpasses the consumer price index inflation forecast of 2.7 percent for the year 2026.

Business groups have issued warnings, stating that the higher mandated wage will increase the labor cost burden on small enterprises.