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Biz News Korea(Eng)
S. Korean gov’t mulls over revising minimum wage system
- Collected
- 2016.09.05
- Distributed
- 2016.09.06
- Source
- Go Direct
The Ministry of Employment and Labor said on Sunday that it will be launching a project to improve the nation’s minimum wage system. The country’s minimum wage system has the same since 1987 when the minimum wage law was enacted. It is reported that the types of wages that comprise the basis for computing minimum wage will be updated.
The state will be studying measures to upgrade the current minimum wage system after conducting a study on the wage structure through a research institute, said a high-ranking labor ministry official who asked to be unnamed.
The pay reference that has remained the same for the past 30 years is much criticized as being too limited when compared to that of advanced countries, market watchers say. The limited pay basis unfairly underestimates the minimum wage required.
Under the current minimum wage law, the pay reference based on which the minimum wage is computed is restricted to the base salary plus any compensation that are paid out on a regular basis every month. It excludes other types of compensation such as bonuses and housing benefits.
The advanced economies such as the United States, the United Kingdom, France, and Canada include bonuses to compute the minimum wage while Japan, the U.S., the U.K., France, and Netherlands even include costs for board and lodging as well as related benefits for the calculation of the minimum wage.
By Seo Dong-cheol
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]