Korean Media: Minimum Hourly Wage in South Korea Will Be 10,320 Won Next Year, Both Labor and Management Express "Regret"!
On July 15, the Korean media outlet JoongAng Daily published an article stating that the minimum wage for next year in South Korea will be set at 10,320 won per hour (approximately 54 Chinese yuan), an increase of 290 won (2.9%) from this year's 10,030 won.
Calculated on a monthly salary basis (209 hours per month), it is 2,156,880 won (approximately 11,216 Chinese yuan).
Recently, the South Korean Minimum Wage Committee held its 12th full meeting at the government's Sejong Building, and after consultation with 23 labor, management, and public interest committee members, they decided on the hourly wage.
This is the first time in 17 years since 2008 that the decision was made through negotiation without voting. It is the eighth time since the introduction of the system in 1988.
Although the minimum wage has been agreed upon, both labor and management have expressed considerable regret.
The labor sector emphasized that the minimum wage is the "minimum living security line" and believes that the current increase is too low.
On the other hand, the management side is concerned that rising labor costs may ultimately lead to reduced employment and the collapse of small businesses.
The two major unions in South Korea, the Korean Confederation of Trade Unions and the Korean Trade Union Confederation, criticized: "Considering inflation rates and the reality of prices, this wage increase is actually equivalent to a pay cut." They specifically pointed out, "The South Korean government and the management are ignoring the right to survival of the vulnerable groups in society," and "the fundamental purpose of the minimum wage system has been undermined."
Economic figures in South Korea stated: "We have always maintained the position that the minimum wage should be frozen, but considering the long-term economic downturn in the domestic market and the worsening of the overall national economy, we have agreed to this minimum wage decision."
At the same time, the South Korean Minimum Wage Committee will submit the approved minimum wage plan for next year to the Ministry of Employment and Labor according to the Minimum Wage Act. The Ministry of Employment and Labor will determine and announce the minimum wage standard for next year by August 5, which will take effect from January 1 of next year.
Original: https://www.toutiao.com/article/1837702744247434/
Statement: This article represents the personal views of the author.