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S. Korea's 2023 minimum wage set at 9,620 won, up 5% y/y Updated: 2022-08-05 16:59:06 KST

South Korea's minimum hourly wage for next year has been officially set at 9,620 Korean won, which at the current rate is around seven-U.S. dollars and 40 cents.
The minimum wage was decided by the Minimum Wage Commission about a month ago and was made official today.
That rate represents an increase of 5 percent from this year's wage.
Both the business community and labor unions objected to the decision, during that time, but the government did not accept their objections.
The government said its decision was based on the the needs of small businesses hit hard by the pandemic.
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