"Interest rate prescribed by Presidential Decree" in Article 37 (1) of the Act means 20/100 per annum.
Enforcement Decree of the Labor Standards Act — Article 17 (Late Payment Interest for Overdue Wage)
근로기준법 시행령 제17조
This English translation is based on the Korean text effective 2021-11-19. The Korean law has since been amended (current version effective 2025-10-23) — check the Korean original.
For AI agents and developers — get this article as JSON, with the English and current Korean effective dates and an outdated-translation flag, from the korea-law API or as an MCP tool:
https://mcp.apify.com?tools=kr-data/korea-law