South Korea’s minimum wage for next year increased 5% to US$7.41

: Representatives of South Korea’s labour and management have agreed to set next year’s minimum hourly wage at 9,620 won in a 5 percent increase from this year, officials said Thursday.

During the negotiations, the labour side called for a significant increase from this year’s 9,160 won, demanding to carry out the previous Moon Jae-in administration’s promise to raise the minimum hourly wage to 10,000 won. The final figure was proposed by the commissioners representing public interests after the labour and business commissioners failed to bridge their gap, and confirmed by a 12-1 vote.

Both sides can object to the agreement, and subject to the minister’s approval, request a reevaluation by the commission. However, a reevaluation has never occurred since the minimum wage system was introduced in 1988.“A 5 percent on-year increase is the proposal that does not even meet the actual inflation rate,“ Park Hee-eun, one of members from the labour, told reporters after the vote.

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