Home

The Korea Herald

Latest news

Most Popular

  1. 1

    Contentious grain bill put directly to plenary meeting for vote

    Contentious grain bill put directly to plenary meeting for vote
  2. 2

    Yoon's approval rating plunges to all-time low

    Yoon's approval rating plunges to all-time low
  3. 3

    Will tug-of-war between doctors, government end soon?

    Will tug-of-war between doctors, government end soon?
  4. 4

    Climate impacts set to cut 2050 global GDP by nearly a fifth

    Climate impacts set to cut 2050 global GDP by nearly a fifth
  5. 5

    Trilateral talks acknowledge ‘serious’ slumps of won, yen

    Trilateral talks acknowledge ‘serious’ slumps of won, yen
  1. 6

    [Graphic News] More Koreans say they plan long-distance trips this year

    [Graphic News] More Koreans say they plan long-distance trips this year
  2. 7

    [KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs

    [KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
  3. 8

    North Korea removes streetlights along cross-border roads with South

    North Korea removes streetlights along cross-border roads with South
  4. 9

    Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official

    Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
  5. 10

    Farming households dip below 1m for first time in 2023

    Farming households dip below 1m for first time in 2023
피터빈트

Korea raises minimum wage for 2017

By 원호정

Published : July 16, 2016 - 10:21

    • Link copied

Korea's minimum wage has been set at 6,470 won ($5.70) per hour for next year, up 7 percent from this year, the labor ministry said Saturday.

The new minimum wage translates to 51,760 won a day for those who work eight hours a day and some 1.35 million won a month for those who work full time.

The Ministry of Employment and Labor said the pay raise will affect an estimated 3.36 million workers in the nation.

Minimum Wage Council Chairman Park Jun-sung (center) and other members of the council conduct a briefing at the Ministry of Employment and Labor in Sejong Saturday. (Yonhap) Minimum Wage Council Chairman Park Jun-sung (center) and other members of the council conduct a briefing at the Ministry of Employment and Labor in Sejong Saturday. (Yonhap)

The decision made by a trilateral council of representatives from labor, management and the general public was reached amid discord between labor and management.

All nine representatives from labor left the meeting on Friday night, showing discontent over the rate of increase. 

"We expected a double-figure pay rise, if not 10,000 won," said the Federation of Korea Trade Unions. "The decision does not take into consideration those suffering due to a low income." 

The Korea Employers' Federation, meanwhile, said the 7.3 percent raise will only put more burden on smaller companies with tough economic conditions. 

The labor ministry, which oversees the council, is set to formally announce the minimum wage for next year on Aug. 5, after a 20-day objection period for both labor and management. (Yonhap)

More from Headlines