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Biz News Korea(Eng)
Minimum wage for next year decided at $5.7 per hour, up 7.3% from this year
- Collected
- 2016.07.19
- Distributed
- 2016.07.20
- Source
- Go Direct
The increase rate of 7.3 percent is 0.8 percentage points lower than last year’s 8.1 percent, showing the upward trend has eased. Minimum wage of the Park Geun-hye administration had increased from 7.2 percent in 2013 to 7.1 percent in 2014 and 8.1 percent in 2015.
The labor circles and business circles have both opposed. The Federation of Korean Trade Unions criticized the decision, saying, “we expected at least double-digit increase, but the growth for next year falls short of our expectation.” The Federation added that the minimum wage turned a blind eye to desperate low-paid workers. Meanwhile, the Korea Employers Federation said that the decision of minimum wage would add to the woes of small- and mid-sized companies already suffering difficulties.
The minimum wage for next year would be announced by the Minister of Employment and Labor on August 5.
The Minimum Wage Commission is under the Ministry of Employment and Labor, consisting of 9 public interest commissioners, 9 employer commissioners and 9 worker commissioners. The minimum wage for next year has been decided by the final wage raise plan submitted by employer commissioners with 9 worker commissioners absent.
Minimum wage is a system that forces employers by law to pay workers wage higher than minimum level. When violating, employers face less than 3 year jail sentence or less than 20 million won fine.
By Seo Dong-cheol
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]