A single watermelon costing nearly $150 – what does that mean for South Korean wages?
South Korea’s Ministry of Employment and Labor announced on August 5th that the minimum hourly wage for 2026 has been finalized at ₩10,320 (approximately $7.80 USD), representing a 2.9% increase compared to this year.
The minimum wage increase for next year surpasses both this year’s (1.7%) and 2021’s (1.5%) figures. Based on this minimum hourly rate, the minimum monthly wage (calculated at 209 hours per month, including 40 hours of work per week plus 8 hours of paid leave conversion) will be ₩2,156,880 (approximately $1,630 USD), applicable across all industries.
Reports indicate that low-income workers in Seoul face monthly expenses that consume over 80% of their income, leaving them with less than $100 USD in savings each month. While the South Korean middle class may earn roughly $19,000 USD annually, their actual standard of living can lag behind that of white-collar workers earning $15,000 USD in major Chinese cities.
The hike in South Korea’s minimum wage reflects ongoing labor negotiations and advancements in social security. However, high prices, real estate costs, and structural economic issues are significantly eroding actual purchasing power.
According to data from the Korea Agro-Fisheries & Food Trade Corporation, as of August 1st, the average price of a watermelon reached ₩33,337 (approximately $25 USD), a 17.6% year-over-year increase.
Meanwhile, the retail price of a single head of napa cabbage reached ₩6,114 (approximately $4.60 USD), a staggering 68.0% increase compared to the previous month.
Original article, Author: Tobias. If you wish to reprint this article, please indicate the source:https://aicnbc.com/6496.html
