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Moon Gov’t Fails to Deliver on Minimum-wage Promise amid Pushback, Pandemic

Moon Gov’t Fails to Deliver on Minimum-wage Promise amid Pushback, Pandemic

SEOUL, July 13 (Korea Bizwire) — The Moon Jae-in administration is set to end its term having failed to deliver on its promise to raise the minimum hourly wage to 10,000 won (US$8.74) due to strong pushback from businesses and the unprecedented challenges posed by the COVID-19 pandemic. The Minimum Wage Commission, a tripartite panel [...]

Next Year’s Minimum Wage Set at 9,160 Won in 5.1 pct On-year Increase

Next Year’s Minimum Wage Set at 9,160 Won in 5.1 pct On-year Increase

SEOUL, July 13 (Korea Bizwire) — A national commission on Monday set next year’s minimum hourly wage at 9,160 won (US$7.98) in a 5.1 percent on-year increase. The Minimum Wage Commission, which is composed of nine members each from labor, business and the general public, struck the agreement around midnight during a plenary session held [...]

Next Year’s Minimum Wage Set at 8,720 Won in Smallest-ever Increase

Next Year’s Minimum Wage Set at 8,720 Won in Smallest-ever Increase

SEJONG/SEOUL, July 14 (Korea Bizwire) — A national commission on Tuesday set next year’s minimum hourly wage at 8,720 won (US$7.25), raising the legal threshold by the smallest-ever annual increase, as the country faces economic headwinds from the new coronavirus. Up to 4 million workers, whose current hourly wage is lower than the amount, will [...]

S. Korea Faces Task of Overhauling Decision-making Process to Set Minimum Wage

S. Korea Faces Task of Overhauling Decision-making Process to Set Minimum Wage

SEOUL, Jul. 12 (Korea Bizwire) — South Korea faces the task of overhauling the decision-making scheme to set the minimum wage as repeated tensions between labor and business have raised the need to improve the negotiation-based system, experts say. The main challenge will be how to operate the government’s proposed two-layer scheme to set the [...]