Within this month the renewed calculation method for the legal minimum wage will be finalized, Deputy Prime Minister and Finance Minister Hong Nam-ki said Friday.
“The government will announce its draft next week and confirm the final plan within January,” said the fiscal policymaker in a meeting of economic officials held at Seoul Government Complex.
Deputy Prime Minister and Finance Minister Hong Nam-ki speaks Friday in a government meeting on economic revitalization. (Ministry of Economy and Finance)
The government had recently gestured at partly adjusting the legal wage system, embracing the market’s backlash against the drastic change and burden on employers.
The restructuring of the minimum wage calculation will be steered by two committees -- one consisting of policy experts and the other of actual market players, including young workers, women and representatives of small businesses, Hong added.
Labor Minister Lee Jae-gap is slated to hold a briefing next week, to reveal the decision-making process and detailed composition of the committees.
The government also pledged to revitalize the country’s economy as soon as possible by hastening its budget spending.
“A record amount of 17.7 trillion won ($15.7 billion), or 61 percent of the central government budget, will be executed during the first half of the year,” Hong said.
“When it comes to sectors closely related to people’s livelihoods, such as job creation and social overhead capital (or infrastructure), the (half-year budget allocation) may rise as high as 65 percent.”
By Bae Hyun-jung (firstname.lastname@example.org)