Park Joon-shik, head of the Minimum Wage Commission, exits a press conference at the government complex in Sejong on July 13 after completing negotiations for next year‘s minimum wage rate. The commission voted 13-0 to pass a proposal to set next year‘s minimum hourly wage at 9,160 won. (Yonhap)
The Ministry of Employment and Labor on Thursday published an official notice of next year's minimum hourly wage of 9,160 won ($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 increase from this year.
Following a legally mandated period of review, during which three business groups filed objections, the ministry said it rejected the complaints and upheld the commission's decision without alterations.
The notice was published in the government's official journal Thursday, the legal deadline.
The new rate will take effect Jan. 1 and translate to a monthly wage of 1.91 million won. It will apply equally across all industries.
This year's minimum wage negotiations centered on labor representatives' demands for a bigger increase and business representatives' calls for a freeze amid financial difficulties caused by the COVID-19 pandemic. (Yonhap)