S. Korea's minimum wage settled at KRW 9,160, or U.S. $8.01, up 5.1% from last year
Updated: 2021-08-05 07:37:42 KST
A tug of war between labor and business over South Korea's minimum wage for 2022 has ended.
The Minimum Wage Commission has settled on 9,160 Korean won, or roughly 8 U.S. dollars an hour, from New Year's Day.
Labor officials were pushing for a 14.7 percent increase, to 8 dollars 74 cents, while business representatives wanted 1.five percent.
The commission found middle ground, and the government accepted the compromise.
The new rate is 5.1 percent higher than this year's rate.