S. Korea's hourly minimum wage to rise 5% to around US$ 7.40 next year
Updated: 2022-06-30 05:57:02 KST
The Minimum Wage Commission has set South Korea's minimum hourly wage for next year.
It's been set at nine,6-hundred-20 Korean won or about seven U.S. dollars and forty cents.
That's a five percent increase from the current minimum of around seven dollars a decision neither the business community nor labor unions are completely happy with.
The two sides, despite rounds of negotiations and revised proposals, failed to reach an agreement leading public interest representatives to intervene and put their own proposal up for a vote.
Twelve members of the trilateral panel voted in support, there were 10 abstentions and one member voted against.
The Labor Ministry has until August 5th to formally announce the new wage floor. which will take effect on January first.