Moon Welcomes Decision to Raise Minimum Wage in 2018

Write : 2017-07-17 18:38:45 Update : 2017-07-17 18:50:43

Moon Welcomes Decision to Raise Minimum Wage in 2018

President Moon Jae-in has welcomed the Minimum Wage Commission's decision to significantly raise the minimum wage for next year.

In a meeting with his senior secretaries at the presidential office on Monday, Moon said it is a positive signal for achieving his pledge to eventually raise the minimum wage to ten-thousand won.

Noting it will also help boost the country’s economic growth beginning next year, Moon said the decision is more significant given that all of the representatives of labor and management participated in the vote for the first time in eight years.

He explained that it will likely mark a turning point for easing the country’s severe income inequality and initiating an income-driven, people-centered growth.

The Minimum Wage Commission, a trilateral council of representatives from labor, management and the general public, decided on Saturday to raise the minimum wage for next year by 16-point-four percent, or one-thousand-60 won, to seven-thousand-530 won per hour.

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