The official source lists more than one English text for this article (for example an amendment with a different effective date). Check the Korean original for the version in force.
version 1 of 2(1) When an employer fails to pay the whole or a part of the wages and the allowances (referring to only lump-sum allowances) provided for in subparagraph 5 of Article 2 of the Act on the Guarantee of Employees' Retirement Benefits which he or she is liable to pay under Article 36 within 14 days after the cause for such payment occurred, he or she shall pay interest accrued for the delayed days from the following day to the day of the payment in accordance with the interest rate prescribed by Presidential Decree by taking account of the economic situations such as overdue interest rates etc. applied by the banks established under the Banking Act within the limit of 40/100 per year. <Amended on May 17, 2010>
(2) Paragraph (1) shall not apply where an employer delays the payment of wages for natural disasters, calamities, or other reasons prescribed by Presidential Decree, for the period in which the said reasons exist.
version 2 of 2(1) When an employer fails to pay all or part of the wages falling under any of the following subparagraphs by the dates specified in each subparagraph, he or she shall be liable to pay interest for the number of days delayed starting from the day immediately following the due date at an interest rate prescribed by Presidential Decree, taking account of economic factors such as the overdue interest rates applied by the banks under the Banking Act within the limit of 40/100 per year: <Amended on May 17, 2010; Oct. 22, 2024>
1. Wages payable pursuant to Article 36 and benefits defined in subparagraph 5 of Article 2 of the Act on the Guarantee of Employees' Retirement Benefits (limited to lump-sum benefits): The 14th day from the date on which the obligation to pay arises;
2. Wages payable pursuant to Article 43: The date determined pursuant to Article 43 (2).
(2) If an employee dies or retires after the employer becomes obligated to pay overdue interest because of his or her failure to pay wages under paragraph (1) 2, the overdue interest for the relevant wages shall be calculated from the date specified in paragraph (1) 2. <Newly Inserted on Oct. 22, 2024>
(3) Paragraph (1) shall not apply during periods when the employer delays wage payment due to a natural disaster, calamity, or any other reason prescribed by Presidential Decree. <Amended on Oct. 22, 2024>[Enforcement Date: Oct. 23, 2025] Article 37