SEOUL, Aug. 5 (Korea Bizwire) — The Ministry of Employment and Labor on Thursday published an official notice of next year’s minimum hourly wage of 9,160 won (US$8.00). The Minimum Wage Commission, a tripartite panel composed of representatives of labor, business and the general public, set the rate on July 12 in a 5.1 percent [...]
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 [...]
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 [...]
SEOUL, June 17 (Korea Bizwire) — 6 out of 10 job seekers think the minimum wage should be frozen or lowered, a local trade federation said Wednesday The Korea Federation of Small and Medium Business conducted a survey of 700 job seekers, 48.1 percent of whom said that the minimum wage for next year should [...]
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 [...]
SEOUL, June 12 (Korea Bizwire) — The annual negotiations to set South Korea’s minimum wage have never been easy. But this year, talks are expected to be more complicated, as the country is facing unprecedented economic headwinds from the new coronavirus that has cut growth and jobs. On Thursday, members of the Minimum Wage Commission [...]
SEOUL, Aug. 5 (Korea Bizwire) — The government announced Monday that the 2020 minimum wage will be set at 8,590 won (US$7.16) per hour as earlier decided as it has rejected a call for more deliberation by the labor sector. The labor ministry posted next year’s minimum wage in a publication in the government’s official [...]
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 [...]
SEOUL, Jul. 12 (Korea Bizwire) — South Korea decided Friday to raise the minimum wage for next year by 2.9 percent, the slowest growth in a decade, as it took into account an economic slowdown and sluggish job growth. The Minimum Wage Commission, involving labor and business representatives and experts, set the minimum wage at [...]
SEOUL, Jul. 3 (Korea Bizwire) — South Korea faces the task of setting next year’s minimum wage at an optimal level that can be more acceptable to divergent groups amid criticism that steep hikes in the hourly pay have weighed on job growth, experts say. The Minimum Wage Council, involving business and labor representatives and [...]