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[THE INVESTOR] In excess of 3 million people are likely to be paid less than minimum wage next year, Korea’s central bank said Aug. 16.
The Bank of Korea said in a report that the number of workers with pay below the minimum wage could reach 3.13 million people in 2017, up from 2.06 million in 2010.
The report also showed the ratio of workers paid less than minimum wage could account for 16.3 percent of total workers next year, compared to 12.4 percent in 2010.
The bank said the agriculture, fisheries and food and lodging sectors in particular have a high ratio of underpaid workers.
The labor ministry announced last week that South Korea’s minimum wage was set at 6,470 won (US$5.90) per hour for next year, up 57.4 percent from 4,110 won in 2010.
The upward trend in the number of underpaid workers is blamed on comprehensive exceptional clauses in the law governing minimum wage and flexible labor inspections, according to the central bank.
(theinvestor@heraldcorp.com)
The Bank of Korea said in a report that the number of workers with pay below the minimum wage could reach 3.13 million people in 2017, up from 2.06 million in 2010.
The report also showed the ratio of workers paid less than minimum wage could account for 16.3 percent of total workers next year, compared to 12.4 percent in 2010.
The bank said the agriculture, fisheries and food and lodging sectors in particular have a high ratio of underpaid workers.
The labor ministry announced last week that South Korea’s minimum wage was set at 6,470 won (US$5.90) per hour for next year, up 57.4 percent from 4,110 won in 2010.
The upward trend in the number of underpaid workers is blamed on comprehensive exceptional clauses in the law governing minimum wage and flexible labor inspections, according to the central bank.
(theinvestor@heraldcorp.com)
