At least 24,000 overseas Filipino workers (OFW) working in small and medium-sized manufacturing companies in South Korea will benefit from the new minimum wage hike that will be implemented on 2017, a Philippine labor official said Thursday.

South Korea's Ministry of Employment and Labor (MOEL) announced that the 7.3 percent increase in minimum wage rate will raise the basic salary from KRW 6,030 or P250.46 per hour, to KRW 6,470 or P268.73 per hour, Philippine Overseas Labor Office (POLO) Officer In-Charge Manuela Peña said.

"The new minimum wage translates to KRW 51,760 or P2,149.87 per day on an 8-hour working day. This is equivalent to KRW 1,352,230 or P56,165.28 per month," Peña said.

Based on South Korea's labor laws, wage increase covers "all employees, regardless of their employment status, whether temporary, daily or part-time employees, including foreign workers."

The South Korean government said it will closely monitor the implementation of the wage hike along with employment conditions in different work sites.